The current mortgage rate on a 30-year fixed mortgage rose by 0.05 percentage point in the last week to 7.37%, according to Curinos. Meanwhile, the APR on a 15-year fixed mortgage climbed 0.05 percentage point during the same period to 6.

Mortgage interest rates pulled back a little this week, but it was hardly enough to erase the past three weeks' gains. The week ending Jan. 9, the average rate on the 30-year fixed-rate mortgage fell four basis points to 6.93%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.

Mortgage rates are starting 2025 at the highest they've been since last summer on expectations that the Fed will keep rates higher longer.

U.S. mortgage rates are back at their highest level since last summer, frustrating homebuyers waiting for a break from some of the steepest borrowing costs in more than a decade.

January is dominated by a change in presidential administrations, which dials up the uncertainty. "When things are more uncertain, rates tend to be more volatile," says Chen Zhao, head of economic research for real estate brokerage Redfin.

U.S. mortgage rates increased to a fresh six-month high this week, a trend that together with elevated house prices could further squeeze potential buyers from the market. The average rate on the popular 30-year fixed-rate mortgage climbed to 6.

The benchmark 30-year fixed rate loan rate rose to 6.93 percent from 6.91 percent last week, according to mortgage giant Freddie Mac. It was at 6.66 percent a year ago and 3.64 percent five years ago.