The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July.

Summary

The average 30-year mortgage rate in the U.S. rose to 6.79%, marking its highest level since early July and continuing a six-week climb, according to Freddie Mac.

Rising rates, influenced by increased 10-year Treasury yields and expectations of economic growth under President-elect Donald Trump, are reducing purchasing power amid high home prices.

Mortgage applications have dropped for six consecutive weeks, with refinancing applications also down.

Experts expect continued volatility in mortgage rates as markets respond to election results and upcoming Federal Reserve policy decisions.