India, Oct. 7 -- US mortgage rates have climbed to their highest level in nearly three years, making it more expensive for Americans to buy homes. The average rate on the most common 30-year fixed-rate mortgage rose 19 basis points to 7.49% in the week ended October 2, according to the Mortgage Bankers Association (MBA).

The 7.49% rate is the highest since November 2023. The sharp rise is putting more pressure on homebuyers, who now face higher monthly loan payments when purchasing a house. The rise comes just weeks before the November 3 US elections. The elections will decide whether President Donald Trump's Republican Party can keep control of Congress, Reuters reported.

A major reason mortgage rates are going up is that US Treasury y...