Mortgage rates rose for another consecutive week, reaching their highest level in approximately 11 months, according to data released Thursday by Freddie Mac.

The latest Primary Mortgage Market Survey from the government-sponsored mortgage buyer showed that the average interest rate on the benchmark 30-year fixed-rate mortgage increased to 6.58% this week, up from 6.55% the prior week. The rate was last at 6.58% on August 21, 2025. At the same point a year ago, the 30-year fixed mortgage averaged 6.74%. While substantially higher than the record lows below 3% reached during 2021, rates in the mid-6% range remain well below the multi-year peaks above 7% seen in 2023 and are closer to the longer-term averages that prevailed before the 2010s.

"The 30-year fixed-rate mortgage averaged 6.58% this week," said Sam Khater, Chief Economist at Freddie Mac. "As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan's lifetime."

The average rate on a 15-year fixed mortgage also ticked higher, rising to 5.96% from 5.93% a week earlier. A year ago, the 15-year fixed mortgage carried an average rate of 5.87%.

Mortgage rates are influenced by a range of factors, including Federal Reserve policy and geopolitical developments. Although the Fed's interest rate decisions do not directly set mortgage rates, borrowing costs for home loans closely track the yield on the 10-year Treasury note. On Thursday afternoon, the 10-year Treasury yield stood at 4.699%, up slightly from recent levels.

Jeff DerGurahian, Chief Investment Officer and Head Economist at LoanDepot, cautioned buyers against attempting to time the rate market. "While mortgage rates remain elevated, homebuyers may be better served focusing on the full cost of homeownership rather than trying to guess where rates will be a few months from now," he said.

DerGurahian also pointed to competing macroeconomic pressures currently shaping rate movements: "The tug-of-war between inflation and the renewed conflict between the U.S. and Iran is reflected in today's rates, as higher oil prices raise concerns that elevated energy costs could filter into future inflation readings."

The latest mortgage data arrives amid modestly improving conditions for homebuyers, many of whom have remained on the sidelines as constrained inventory has sustained elevated home prices while mortgage rates have held relatively steady. A key factor behind the persistent inventory shortage is the so-called lock-in effect: many homeowners secured mortgages at rates below 4%—and in some cases below 3%—during the pandemic-era low-rate environment, and selling would mean giving up those favorable rates for significantly higher borrowing costs on a new purchase.

Realtor.com recently published a midyear update to its 2026 housing market forecast, estimating that home price growth will decelerate to 1.2% for the year. That pace is slower than the platform's original forecast and falls below the current rate of inflation, meaning home prices would be effectively declining in real, inflation-adjusted terms.