Mortgage Rates Hit 6.94%, Continuing 4-Week Climb as Housing Market Stalls

• Mortgage rates climb for fourth straight week, 30-year fixed reaches 6.94% • 15-year fixed rate dips slightly to 6.26% but still significantly higher than a year ago • Elevated rates and prices continue dampening housing market and buyer demand • Home purchase mortgage applications dropped 5% last week, down 12% from last year • Buying activity typically picks up in spring but stalled market persists due to affordability challenges