Mortgage rates moved higher again this week, reaching their highest point in nearly a year, according to Freddie Mac. The latest reading adds to pressure on borrowers already facing elevated housing costs.
Freddie Mac said the average rate on a 30-year fixed mortgage rose to 6.55% in data released Thursday. That was up from 6.49% a week earlier, showing another increase in borrowing costs for prospective homebuyers and homeowners considering a refinance.
The updated figure came from Freddie Mac’s Primary Mortgage Market Survey, a closely watched measure of home loan trends. Even a modest weekly rise can affect monthly payments, especially for buyers working within tight budgets.
With rates now at their highest level in almost a year, the mortgage market remains challenging for many consumers. The latest increase underscores how sensitive the housing market is to changes in financing costs.
