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The average rate on a 30-year fixed mortgage climbed by 8 basis points from the previous week to 6.46% as of April 2, the highest level in seven months. The move tracked a sharp rise in long-dated Treasury yields, as Iranian forces continued attacking energy tankers in the Middle East, disrupting global oil supplies. The resulting spike in fuel prices heightened inflationary pressures and led several FOMC members to signal that no interest rate cuts are likely this year.
