Average rate on a 30-year mortgage in the US rises for sixth straight week

The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July.

The rate ticked up to 6.79% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.5%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home borrowing to a lower rate, also edged higher this week. The average rate rose to 6% from 5.99% last week. A year ago, it averaged 6.81%, Freddie Mac said.

When mortgage rates boost they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a period when home prices remain near all-period highs even though the housing economy remains in a sales slump going back to 2022.

Mortgage rates are influenced by several factors, including the profit on U.S. 10-year Treasury bonds, which lenders use as a navigator to worth home loans. debt safety yields have been rising following encouraging reports on expense boost and the economy.

This week, debt safety yields surged on expectations that President-elect Donald Trump’s plans for higher tariffs, lower levy rates and lighter regulation could navigator to bigger market advancement, expense boost and U.S. government obligation.

The profit on the 10-year Treasury was at 4.36% at midday Thursday. It was at 3.62% as recently as mid-September.

The average rate on a 30-year home borrowing hasn’t been this high since July 11, when it was 6.89%. In late September, the average rate got as low as 6.08% — its lowest level in two years.