US Mortgage Rates Climb to 6.58%, a Fourth Straight Weekly Rise

The average rate on a 30-year fixed US mortgage climbed to 6.58%, according to Freddie Mac's most recent weekly survey, up from 6.55% the week before and marking a fourth consecutive weekly increase to the highest level in nearly a year. The 15-year fixed rate rose to 5.96%. A year earlier, the 30-year rate had averaged 6.74%, so borrowing costs remain slightly below their year-ago level even after the recent climb. Freddie Mac's chief economist urged prospective buyers to shop around, noting that comparing offers can save thousands over the life of a loan. The upward drift in rates has been driven largely by the conflict in the Middle East, which has pushed oil prices higher and added to inflation pressures, feeding through to the Treasury yields that influence mortgage pricing. Purchase demand has softened as affordability remains stretched. Freddie Mac publishes its rate survey each Thursday, with a fresh reading due at the end of July, and many housing economists expect rates to hold in the mid-6% range while inflation stays elevated.