U.S. Mortgage Rates Climb Again, Reaching 6.26% as Buyers Face Higher Borrowing Costs

U.S. mortgage rates rose for the third straight week, adding pressure to homebuyers already struggling with expensive borrowing conditions. Freddie Mac reported Thursday that the average 30-year fixed mortgage rate increased to 6.26%for the week ending November 20, up slightly from 6.24% the previous week.

Despite the uptick, Sam Khater, Freddie Mac’s chief economist, said the recent trend actually reflects a healthier environment for both buyers and sellers.

“Mortgage rates have been moving within a tight 10-basis-point range over the past month,” Khater noted. “This stability provides much-needed certainty to the housing market.”

Compared with last year, today’s rates represent meaningful improvement: in late 2024, the 30-year rate hovered around 6.84%. The current 15-year fixed rate also ticked up to 5.54%, rising from 5.49% last week but still down from 6.02% one year ago.

Signs of Life in the Housing Market

Falling rates over the past year have helped revive some demand, though affordability challenges continue to keep many would-be buyers on the sidelines. Still, the National Association of Realtors (NAR) reported a 1.2% increase in existing-home sales last month, bringing the seasonally adjusted annual pace to 4.1 million units, the strongest reading since February.

Rates Expected to Ease—But Slowly

Neither Freddie Mac nor Fannie Mae expects mortgage rates to plunge anytime soon. Fannie Mae forecasts the average 30-year rate to reach 6.4% by the end of 2025 and decline further to 5.9% by late 2026 — a gradual easing rather than a sharp drop.

Even so, NAR is optimistic about the market’s trajectory. The trade group expects existing-home sales to jump 14% in 2026, driven by improving affordability and pent-up demand.

“Next year is really when we’ll start to see a meaningful increase in sales,” said Lawrence Yun, NAR’s chief economist. “There is no risk of nationwide home prices falling.”

Yun added that even a small decrease in mortgage rates will provide relief:

“It won’t be a dramatic decline, but it will be enough to help buyers and improve affordability.”