Mortgage rates climb again, squeezing homebuyers across the U.S.

U.S. mortgage rates rose for a second consecutive week, extending the strain on prospective homebuyers already facing elevated housing costs. Freddie Mac said the average 30-year fixed mortgage rate increased to 6.78% this week from 6.65% the prior week.

The latest move keeps borrowing costs near levels that have limited affordability for many households and slowed activity in parts of the housing market. Higher mortgage rates can push monthly payments up quickly, reducing the number of buyers able to afford a home.

The rise adds another hurdle at a time when many renters and first-time buyers are still struggling with high prices, tight inventory, and broader uncertainty around personal finances. Even small rate changes can materially affect affordability over the life of a loan.

Analysts and lenders will be watching whether rates stabilize in the coming weeks or continue to move higher. For now, the latest increase suggests the housing market remains under pressure from persistently expensive borrowing conditions.