U.S. Mortgage Rate Rises to 6.69%, Highest in Six Weeks

Increase in borrowing costs adds to challenges for homebuyers, with economists predicting rates to hover around 6% by year's end.

The average long-term U.S. mortgage rate has risen to 6.69%, the highest level in six weeks, increasing borrowing costs for homebuyers already grappling with rising housing prices and a shortage of homes for sale.
The average rate on a 30-year mortgage rose from 6.6% last week, and a year ago, it averaged 6.13%.
Rates have increased three out of four weeks this month, with the latest uptick bringing the average rate to its highest level since December 14, when it was 6.95%.
Nearly 90% of U.S. homeowners with mortgages have an interest rate below 6%, while just under 60% have a rate below 4%, according to Redfin.
Many economists are projecting that mortgage rates will continue heading lower this year, with forecasts generally having the average rate on a 30-year home loan hovering around 6% by the end of the year.