Freddie Mac said the average rate on a 30-year fixed mortgage rose to 6.51% this week, up from 6.36% last week.
The increase marks the highest average mortgage rate in nearly nine months and comes during the peak spring home-buying season.
Higher borrowing costs could sideline some buyers, but experts say shoppers who compare lenders may still find meaningful savings.
As the spring housing market begins to wind down, the news continues to worsen for buyers.
The average rate on a 30-year fixed mortgage climbed this week to its highest level since late last summer, adding fresh pressure to home buyers already struggling with affordability.
Freddie Mac reports that the average rate on a 30-year fixed-rate mortgage rose to 6.51%, up from 6.36% a week earlier. A year ago, the average rate stood at 6.86%. The average rate on a 15-year fixed mortgage increased to 5.85% from 5.71% last week.
“The 30-year fixed-rate mortgage averaged 6.51% this week,” Freddie Mac Chief Economist Sam Khater said in the report. “As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands.”
Rates have reversed course
The jump in rates comes at a difficult time for the housing market, which traditionally sees increased activity during the spring and early summer months. Mortgage rates had briefly dipped below 6% earlier this year, fueling hopes that affordability conditions might improve in 2026. But rising Treasury yields, stubborn inflation concerns and geopolitical uncertainty have pushed borrowing costs higher again.
Mortgage rates are heavily influenced by the yield on the Treasury Department’s 10-year bond. Bond yields have steadily risen since the start of the Iran war, with the yield on the 30-year note now over 5%.
Economists say even modest rate increases can have a major effect on monthly payments. For example, on a $400,000 mortgage, a rise from 6% to roughly 6.75% can add close to $200 to the monthly payment.
The silver lining
The higher rates are expected to further cool demand from buyers already coping with elevated home prices, insurance costs and property taxes. Mortgage applications have recently declined as some shoppers step back from the market.
However, some analysts note that conditions are not uniformly negative for buyers. Housing inventory has improved in parts of the country, particularly in the South and Midwest, giving shoppers more negotiating power than they had during the pandemic-era housing boom.
Mortgage experts also emphasize that advertised averages do not necessarily reflect what every borrower will pay. Freddie Mac’s survey is based on borrowers with strong credit and sizable down payments. Buyers with excellent credit scores who compare multiple lenders may qualify for lower rates, while those with weaker credit histories could pay significantly more.