India, Sept. 15 -- US mortgage rates are moving higher again as Treasury yields rise. The average rate for a 30-year fixed purchase mortgage reached 7.195%, up from 7.155% a day earlier, according to Zillow data.

Other mortgage rates are also elevated. The average 30-year refinance rate is 7.287%, while the 15-year mortgage rate is 6.349%. The main reason is the rise in the 10-year US Treasury yield. Mortgage rates generally move with the yield on 10-year Treasury notes. The 10-year yield has climbed to its highest level since 2007, putting fresh upward pressure on home loan rates.

Mortgage rates do not directly follow the Federal Reserve's policy rate. Instead, they are closely linked to longer-term borrowing costs, especially the 10-y...