Rising mortgage rates are adding to pressure on the US housing market, with the average long-term home loan rate climbing to its highest level in nine months and further weakening affordability for buyers, AP reported.

Mortgage rates rose to the highest level in nine months, hitting refinance demand hardest. Homebuyers also pulled back but were still more active than last year.

US 30-year fixed mortgage rate hit 6.51%, a nine-month high, as inflation concerns grow. Here's what it means for housing and crypto-backed mortgages.