Mortgage rates rose this week to their highest level in nearly a year, mortgage buyer Freddie Mac reported Thursday.
The latest Primary Mortgage Market Survey showed the average rate on the benchmark 30-year fixed mortgage increased to 6.55% — the highest since August 2025 — up from 6.49% the previous week. A year ago, the average rate on a 30-year loan stood at 6.75%.
Realtor Russell Walsh takes a look at a listing by realtor Bryce Garman at Garman’s open house in Dana Point, California, on Aug. 1, 2024. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)
“Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, so the backdrop for prospective homebuyers is modestly improving,” said Freddie Mac Chief Economist Sam Khater.
The average rate on a 15-year fixed mortgage also rose, reaching 5.93% compared to 5.82% last week.
Mortgage rates are influenced by several factors, including Federal Reserve policy and geopolitical events. While not directly set by the Fed’s interest rate decisions, they tend to track the 10-year Treasury yield, which hovered around 4.57% as of Friday afternoon.
