By Prashant Gopal | Updated on Jun 11, 2026 at 05:00 PM
US mortgage rates edged higher, adding pressure to a housing market struggling to gain momentum as inflation accelerates.
The average for a 30-year fixed loan climbed to 6.52% from 6.48% a week earlier, rising for the third time in four weeks, Freddie Mac said in a statement Thursday. The rate was 6.84% a year ago.
Inflation picked up in May to the fastest pace in more than three years, driven by the war with Iran and rising energy costs. Even if the conflict eases soon, economists expect additional price pressures in the months ahead. That could prompt Federal Reserve officials to consider raising its benchmark interest rate.
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US home prices just crossed a threshold few buyers are celebrating: The median sale price topped $400,000 for the first time, according to real estate brokerage Redfin . The milestone comes as demand weakens, with pending sales falling for a fourth consecutive week amid high housing costs and economic anxiety.
“Even though there are buyers who have been undeterred by higher rates and remain in the market, they may not be able to find a home as inventory growth starts to slow,” said Lisa Sturtevant , chief economist at Bright MLS. “As a result, it’s likely to be a slow summer housing market.”