Investors’ inflation expectations, much more than the central bank, are among the factors that affect the cost of home loans.

The average long-term U.S. mortgage rate eased this week from its highest level in nine months, welcome relief for prospective homebuyers.

The average mortgage payment has surged past $2,000 for the first time, reaching $2,005 as high mortgage rates, rising home prices, and persistent inflation reshape the U.S.…