Mortgage Rates Rise a 5th Week to 6.69%, a One-Year High

The average long-term U.S. mortgage rate rose for a fifth consecutive week, reaching its highest level in just over a year and adding to the strain on prospective homebuyers already facing steep borrowing costs.

The benchmark 30-year fixed-rate mortgage averaged 6.69%, mortgage buyer Freddie Mac said Thursday, up slightly from 6.66% a week earlier. The average rate was 6.63% at this time last year, and had not been higher than its current level since late July 2025.

Higher rates can add hundreds of dollars a month to a borrower's costs and limit purchasing power. As rates climb, some shoppers delay buying altogether — one reason U.S. home sales have been sluggish this year.

Borrowing costs on 15-year fixed-rate mortgages, often sought by homeowners looking to refinance, edged lower. That rate averaged 6.01%, down from 6.04% last week. A year ago it stood at 5.75%, Freddie Mac said.

Mortgage rates are shaped by several forces, including inflation, the Federal Reserve's policy rate decisions and bond investors' expectations for the economy. They generally track the 10-year Treasury yield, which lenders use as a guide when pricing home loans.

Rates have mostly risen this year as the U.S. war with Iran fueled expectations for hotter inflation, with crude oil prices soaring. Oil prices have eased recently, but long-term bond yields remain higher than they were before the conflict began in late February, keeping mortgage rates on an upward path.

The 10-year Treasury yield stood at 4.65% as of midday Thursday. Before the war, it was just 3.97% in late February.