Last week, mortgage buyer Freddie Mac reported that the benchmark 30-year fixed rate mortgage rate rose to 6.69%, its highest level in just over a year. “There’s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%.” The US housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales remain sluggish as mortgage rates have mostly trended higher in the months since the war between the US and Iran started. Last week, mortgage buyer Freddie Mac reported that the benchmark 30-year fixed rate mortgage rate rose to 6.69%, its highest level in just over a year.