Mortgage rates climbed for the third consecutive week, driving the average long-term U.S. home loan rate to its highest point in more than 14 months.
The benchmark 30-year fixed-rate mortgage rose to 6.76% from 6.71% the prior week, according to mortgage buyer Freddie Mac, which reported the figures Thursday.
One year ago, the average 30-year rate stood at 6.35%, underscoring how significantly borrowing conditions have tightened for prospective homebuyers over the past year.
The current average is the highest recorded since June 26, 2025, when the benchmark rate reached 6.77%, placing it at a level that is straining affordability across much of the country.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, directly limiting the purchasing power of Americans looking to enter the housing market.
As rates continue climbing, prospective home shoppers are increasingly choosing to delay purchases, a dynamic that has kept U.S. home sales largely stagnant again this year.
Borrowing costs on 15-year fixed-rate mortgages, popular among homeowners looking to refinance, also rose this week, moving to 6.09% from 6.04% the previous week.
That 15-year rate compares to 5.5% just one year ago, reflecting broad upward pressure on borrowing costs that has persisted throughout 2026.
Both mortgage rates and bond yields have been mostly rising this year due to the U.S. war with Iran, which has pushed oil prices sharply higher and reignited inflation concerns across financial markets.
Heightened inflation fears have driven the 10-year Treasury yield to levels not seen since late 2023, when the Federal Reserve was aggressively raising its key interest rate to combat post-pandemic inflation.
The 10-year Treasury yield stood at 4.92% as of midday Thursday, a sharp move from 4.77% just one week earlier and a dramatic surge from 3.97% in late February, before the war began.
Growing concern over the U.S. government’s expanding debt burden has added further pressure on long-term bond yields, prompting the U.S. Treasury Department to intervene in the market.
With no clear resolution to the geopolitical conflict in sight and inflation pressures persisting, housing market analysts expect mortgage rates to remain elevated well into the remainder of the year.
