Mortgage Rates in US Increase for First Time in Eight Weeks

Mortgage rates in the US rose for the first time since the middle of January, keeping borrowing costs high for buyers trying to break into the market.

The average for 30-year loans was 6.65%, up from 6.63% last week, Freddie Mac said in a statement Thursday.

Mortgage rates have been hovering above 6.5% for the past five months, raising questions about how the housing market will fare during its typically busiest season. While some early-stage measures of demand are starting to pick up, sales are still struggling. In the four weeks through March 9, contracts to buy previously owned homes ...