The current average mortgage rate on a 30-year fixed mortgage is 7.34%, compared to 7.29% a week earlier, according to Curinos. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the US 10-year Treasury. The yield on the 10-year Treasury has climbed from 3.62 percent in mid-September to 4.66% this week.

The National Association of Realtors preditcs mortgage rates will be around 6% in 2025. Meanwhile, Redfin predicts mortgage rates will remain in the high-6% range throughout 2025, with the weekly average rate fluctuating throughout the year but averaging around 6.8%.

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

U.S. mortgage rates increased to a fresh six-month high this week, a trend that together with elevated house prices could further squeeze potential buyers from the market. The average rate on the popular 30-year fixed-rate mortgage climbed to 6.

How home buyers could get a little break even if yields stay high.