The average rate for a 30-year U.S. mortgage has risen for a second consecutive week, reaching 6.34%. This follows a period of decline that had brought borrowing costs to their lowest in nearly a year. The increase is attributed to economic indicators and Federal Reserve signals about future interest rate adjustments. While recent rate drops encouraged some refinancing, rates below 6% are needed for broader appeal. Economists anticipate rates to stay in the mid-6% range for the year.

Prepared by Christopher Adams and reviewed by editorial team.