Mortgage rates inched up at the start of the year to the highest level in nearly six months, portending another tough year for the U.S. housing market. The 30-year mortgage rate remains at the highest level since July 2024.

US mortgage rates climbed closer to 7%, threatening to squeeze buyers trying to crack into the housing market.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resolution for 2025: Ride Your Local Subway or BusThe average on a 30-year mortgage rose to 6.

The mortgage rate in crease is occurring with the price of homes increasing steadily and pending property deals on the rise.

The average rate for a 30-year mortgage climbed to 6.91 percent from 6.58 last week, mortgage buyer Freddie Mac said Thursday.

Mortgage rates climbed again for a third consecutive week to the since since July, with the 30-year fixed-rate average rising to just under 7% as the housing market remains stalled.

After dipping for two days, 30-year mortgage rates edged higher, again nearing their highest level since early July. Rate movement was mixed for other loan types.