Mortgage rates in the U.S. rose to the highest level since November, ramping up the pressure on potential homebuyers.
The average for a 30-year, fixed loan was 6.5%, up from 6.32% last week, Freddie Mac said in a statement Thursday. That marks a third straight week of increases.
Higher borrowing costs are translating into weaker demand as the industry prepares for its key selling season. Mortgage applications recently dropped to the lowest level since 1995 and sales of previously owned U.S. homes unexpectedly declined for a 12th straight month in January.
