US Mortgage Rates Rise for Second Week to Highest Since July

Mortgage rates in the US climbed for the second week in a row, squeezing homebuyers as borrowing costs hit the highest level since early July.

The average for a 30-year fixed loan was 6.85%, up from 6.72% last week, Freddie Mac said in a statement.

Mortgage rates have been hovering near 7% in recent weeks. Despite the financial pressures, some buyers are forging ahead. Contracts to buy homes were up 4.1% from a year earlier, according to Redfin Corp. data for the four weeks through Dec. 15.

The new-home market is also holding up. Sales of those properties climbed in ...