Mortgage rates rose for the third week in a row, pushing the average long-term U.S. home loan rate to its highest level in over 14 months.
The benchmark 30-year fixed rate mortgage rose to 6.76% from 6.71% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.35%.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can also lead prospective home shoppers to delay buying a home, one reason U.S. home sales remain largely stagnant again this year.
The average rate is now the highest it’s been since June 26, 2025, when it was at 6.77%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 6.09% from 6.04% last week. A year ago, it was at 5.5%.