The average long-term mortgage rate in the U.S. has increased to 6.93%, the highest since July, as rising bond yields and home prices strain affordability for prospective buyers. The 30-year fixed mortgage rate has been climbing for four consecutive weeks, reflecting fluctuations in the 10-year Treasury yield. This trend is affecting home sales, which remain sluggish despite a slight increase in previously occupied home sales in November. The Federal Reserve's cautious approach to interest rate cuts amid persistent inflation may continue to complicate the housing market.