Mortgage rates are rising again. See how much money they're costing you

Mortgage rates jumped to the highest level in two months ahead of the pivotal spring home-buying season, throttling demand among would-be buyers.

Mortgage buyer Freddie Mac said Thursday that the average rate on a 30-year loan this week rose to 6.94% from 6.9% — the highest level since mid-December. While that is down from a peak of 7.79% in the fall, it remains sharply higher than the pandemic-era lows of just 3%.

"Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again," said Sam Khater, Freddie Mac’s chief economist. "The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying."