Mortgage rates rose to their highest level since July, the home loan mortgage corporation Freddie Mac reported Thursday. 

What You Need To Know

  • Mortgage rates rose to their highest level since July, the home loan mortgage corporation Freddie Mac reported Thursday

  • A 30-year fixed-rate mortgage is now 6.91% — up from 6.85% last week and 6.62% a year ago

  • The average rate on a 15-year fixed-rate mortgage is now 6.13% — up from 6.0% last week and 5.89% a year ago

  • The increase in mortgage rates comes as home prices continue to rise

A 30-year fixed-rate mortgage is now 6.91% — up from 6.85% last week and 6.62% a year ago.  

The average rate on a 15-year fixed-rate mortgage is now 6.13% — up from 6.0% last week and 5.89% a year ago.

“Compared to this time last year, rates are elevated and the market’s affordability headwinds persist,” Freddie Mac Chief Economist Sam Khater said in a statement. 

The increase in mortgage rates comes as home prices continue to rise. The median home cost in November was $406,100 — up 4.7% from a year earlier, according to the National Association of Realtors. The NAR projects existing-home prices to continue increasing in 2025 but at a slower pace than recent years.