U.S. Mortgage Rates Climb to Highest Since July

U.S. mortgage rates are back at their highest level since last summer, frustrating home buyers waiting for a break from some of the steepest borrowing costs in more than a decade.

Home sales have shown signs of a rebound in recent months, but those gains have come despite costlier financing, a weight economists say is continuing to drag on a full-fledged housing recovery.

The average new 30-year fixed-rate mortgage cost 6.93% this week, Freddie Mac said Thursday. That is the most expensive since July. Mortgage rates have been stuck firmly above 6% since late 2022, following a decade when rates in the 3% to 4% range were the norm.