U.S. mortgage rates rose for the fourth straight week, reaching their highest level since August of last year, dampening refinancing and homebuying activity. Data released Wednesday by the Mortgage Bankers Association showed that the 30-year mortgage contract rate rose 14 basis points to 6.57% in the week ending March 27. Over the past four weeks, the rate has risen by nearly 0.5 percentage points, the largest increase since 2024. The association's mortgage application index fell for the second straight week, while its refinancing index declined further by 17.3%. Mortgage rates, which are linked to U.S. Treasury yields, surged after concerns about rising inflation arose following the Iran war. Lower borrowing costs at the beginning of the year had provided support for the weak housing market, but that support has largely faded. (Jinshi)