Key facts
- The average rate for a 30-year fixed mortgage increased to 6.71% from 6.66% the previous week.
- This is the highest rate recorded since July 31, 2025.
- The average rate for a 15-year fixed mortgage rose to 6.04% from 5.98%.
- Purchase demand has remained relatively stable, according to Freddie Mac's chief economist.
- Mortgage rates tend to track the 10-year Treasury yield, which was around 4.74%.
Mortgage rates have climbed to their highest level in over a year, with the average rate on a benchmark 30-year fixed mortgage reaching 6.71%, according to data released by Freddie Mac. This figure is up from 6.66% the previous week and represents the highest reading since July 31, 2025, when it stood at 6.72%. A year ago, the average rate for a 30-year loan was 6.5%. The average rate on a 15-year fixed mortgage also saw an increase, rising to 6.04% from 5.98% in the prior week. Freddie Mac's chief economist, Sam Khater, noted that purchase demand has remained relatively stable, indicating continued buyer interest despite evolving market conditions. Mortgage rates are influenced by factors such as Federal Reserve policy and geopolitical events, and they tend to follow the 10-year Treasury yield, which was approximately 4.74% as of Thursday afternoon.