Why did mortgage rates go up again?

Mortgage rates have risen again in March, driven by broader movements in bond markets and inflation expectations that typically influence home lending costs. The Federal Reserve's interest-rate policy and Treasury yields—which mortgage rates closely track—have shifted upward, making borrowing more expensive for homebuyers. Higher rates reduce purchasing power for prospective buyers and may cool already-tight housing markets where affordability has been a persistent challenge. Borrowers shopping for mortgages face a less favorable environment, though rates remain within the range seen over the past year. Financial advisors typically recommend locking in rates when available rather than waiting for further declines, especially in uncertain economic conditions.