Mortgage Rates in the US Increase for the First Time Since July

Mortgage rates in the US rose, shifting direction after a steady string of declines.

The average for 30-year, fixed loans was 6.3%, up from 6.26% last week, Freddie Mac said in a statement.

Even with this week’s uptick — the first since July — borrowing costs are still near their lowest levels in almost a year, creating opportunities for both house hunters and owners seeking to refinance. But affordability remains a hurdle for many would-be buyers, who also may be holding back out of concern for the future of the economy.

Closed purchases of resale homes in the US ...