ORLANDO, Fla. — Homeowners looking to sell and prospective buyers may be facing a more challenging housing market as mortgage rates continue to rise.
According to the latest data, the average rate for a 30-year fixed mortgage increased to 6.52% this week.
That’s just one-hundredth of a percentage point below the highest level recorded this year, which was set two weeks ago.
The increase comes as inflation remains a concern for policymakers and consumers alike.
Inflation is currently at its highest level in three years, prompting expectations that the Federal Reserve could take additional steps to slow rising prices.
The Fed is under growing pressure to raise its benchmark interest rates in an effort to combat inflation.
While the Federal Reserve does not directly set mortgage rates, its actions often influence borrowing costs across the economy, including home loans.
Higher mortgage rates can affect affordability for buyers by increasing monthly payments, while sellers may see fewer potential buyers qualify for financing.
Housing experts say anyone considering buying or selling a home should closely monitor interest rate trends and consult with lenders about available financing options.
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