30-year mortgage rate rose to 6.69%, highest level in more than a year

The average U.S. rate on a 30-year fixed mortgage rose to 6.69% for the week ending Aug. 6, up from 6.66% a week earlier and 6.63% a year earlier, according to Freddie Mac.

The 15-year fixed rate moved in the opposite direction, falling to 6.01% from 6.04% the prior week. It remained above the 5.75% average recorded a year earlier.

Freddie Mac’s Primary Mortgage Market Survey is based on rates collected from thousands of mortgage applications submitted by lenders. The national averages do not include every fee or reflect the final rate available to a particular borrower, but they show that financing costs remained elevated as buyers weighed home prices, inventories and monthly payments.