India, Sept. 21 -- U.S. mortgage rates moved higher on September 20, adding further pressure to homebuyers already dealing with elevated housing costs. The 30-year fixed mortgage rate was at 7.04%, as well as a 15-year repair from 6.56%, according to a few sources at NAR (National Association of Realtors). Homeownership has become even more expensive, with borrowing costs being significantly higher. Here's everything you need to know.

Why Are Mortgage Rates Rising Again?

Mortgage rates have been influenced by movements in the bond market, particularly the 10-year U.S. Treasury yield, which has moved toward or above 5%. Longer-term mortgage rates generally respond to changes in Treasury yields because both reflect expectations for inflat...