The benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. The average rate on a 30-year mortgage is now the highest it’s been since July 31, 2025, when it was at 6.72%. As recently as late February, the average rate dropped slightly below 6% for the first time since late 2022. The trend has extended the national housing market slump that began in 2022, when mortgage rates began to climb from pandemic-era lows.