Average rate on a 30-year mortgage climbs to highest level in 13 months

Mortgage rates rose again this week, driving the average long-term U.S. home loan rate to its highest level in more than a year.

The benchmark 30-year fixed rate mortgage rate rose 6.71% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.50%.

Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home, one reason U.S. home sales remain in a rut this year.

The average rate is now the highest it's been since July 31, 2025, when it was at 6.72%.

Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 6.04% from 5.98% last week. A year ago, it was at 5.60%.

Mortgage rates are influenced by several factors, including inflation, broader policy rate decisions from the Federal Reserve and expectations from bond market investors for the economy. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.