(AURN News) — Mortgage rates increased for the second consecutive week as the housing market continues to grapple with limited inventory, according to data released last Thursday by Freddie Mac.

The 30-year fixed-rate mortgage averaged 6.85%, while the 15-year fixed-rate mortgage stood at 6%, Freddie Mac's Primary Mortgage Market Survey showed.

These increases come as the housing market faces persistent supply constraints, Freddie Mac reported. Rates remain below their 2024 peak reached in May, when 30-year mortgages hit 7.22% and 15-year loans touched 6.47%.

The year's lowest rates were recorded in September, with 30-year mortgages at 6.08% and 15-year mortgages at 5.16%.

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