Freddie Mac data shows the benchmark rate holding near 6.5% for six weeks amid elevated inflation and bond yields.
The average 30-year fixed U.S. mortgage rate increased to 6.49% this week, up from 6.47% last week, remaining near levels seen over the past six weeks. The rise reflects persistent inflationary pressures and higher bond yields, which have kept borrowing costs elevated for homebuyers.
A year ago, the 30-year rate stood at 6.77%, while the 15-year fixed rate, popular for refinancing, rose to 5.84% from 5.81% last week. Both rates are closely tied to movements in the 10-year Treasury yield, which has climbed amid geopolitical tensions and rising oil prices.
Higher mortgage rates reduce purchasing power, adding hundreds of dollars in monthly costs for borrowers. The recent stability in rates follows weeks of volatility driven by Federal Reserve policy expectations and global economic uncertainty.