Mortgage rates inched up at the start of the year to the highest level in nearly six months, portending another tough year for the U.S. housing market. The 30-year mortgage rate remains at the highest level since July 2024.

After dipping for two days, 30-year mortgage rates edged higher, again nearing their highest level since early July. Rate movement was mixed for other loan types.

The average rate for a 30-year mortgage climbed to 6.91 percent from 6.58 last week, mortgage buyer Freddie Mac said Thursday.

Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. The standard, 30-year fixed-rate mortgage averaged just shy of 7% in the final week of 2024 ending on January 2, according to data from mortgage financing giant Freddie Mac.

The mortgage rate in crease is occurring with the price of homes increasing steadily and pending property deals on the rise.