Mortgage rates have risen for the third consecutive week, reaching their highest levels since July. This increase is adding further pressure to the already sluggish housing market.
According to the latest Primary Mortgage Market Survey by Freddie Mac, the average rate on the 30-year fixed mortgage has climbed to 6.91%, up from 6.85% last week. A year ago, the average rate for a 30-year loan was 6.62%.
