30-year US mortgage rate hits 13-month high

The average rate on a 30-year fixed-rate U.S. mortgage rose to 6.71% this week, up from 6.66% the previous week. The increase reflects another step higher in long-term borrowing costs for homebuyers and homeowners considering refinancing.

Freddie Mac provided the latest mortgage-rate reading through its weekly survey of lenders, which is widely followed as a benchmark for U.S. housing finance conditions. The new figure confirms that the cost of locking in a standard 30-year fixed loan remains elevated by recent historical standards.

At 6.71%, the 30-year average is now at its highest level in about 13 months. The last time the rate was higher was on July 31, 2025, when the 30-year fixed mortgage average stood at 6.72%.

This comparison underscores how current borrowing costs have returned to levels last seen in mid-2025. The data points to a prolonged period of relatively high mortgage rates rather than a brief spike.

The latest uptick in the 30-year mortgage rate adds to the financial burden for potential homebuyers, who face higher monthly payments at current rates than they would have at lower readings. It also affects homeowners evaluating whether to refinance, since the benchmark rate now sits near its highest point in more than a year.

With the 30-year fixed rate serving as a key reference for mortgage pricing across the country, the move to 6.71% signals that borrowing conditions remain tight. The continued strength in mortgage rates keeps the focus on financing costs as a central factor shaping activity in the U.S. housing market.