Mortgage rates increased for the second straight week.
The average rate on a 30-year fixed mortgage was 6.75% through Wednesday, up from 6.68% the week prior, according to Freddie Mac data. The average 15-year fixed mortgage rate was 5.92%, up from 5.86% last week.
“The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%. While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act,” Sam Khater, Freddie Mac chief economist, said in a statement.
Learn more: Will mortgage rates go down? Predictions after two weeks of increases.
Mortgage rates continued to climb following a rise in 10-year Treasury yields last week on uncertainty about tariffs.
According to data from the Mortgage Bankers’ Association, the volume of mortgage applications fell by 10% compared to a week earlier, marking the sharpest decline in nearly three months and erasing the 9.4% increase from the previous week. Applications for home refinancing options also decreased.
“Purchase applications remained sensitive to both the uncertain economic outlook and the volatility in rates and declined to the slowest pace since May,” said MBA Deputy Chief Economist Joel Kan.
With the June jobs report from the Bureau of Labor Statistics pointing to strong employment and a lower chance of a Fed rate cut in July, mortgage rates are expected to remain within the 6% to 7% range through 2025.
Read more: Where and how to find the lowest mortgage rates right now
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