The average rate on a 30-year U.S. mortgage edged up this week, ending a five-week decline in borrowing costs for homebuyers.

Experian reports high mortgage rates continue to suppress home sales, with fewer than 4 million homes sold in 2024, the lowest since 1995.

Ever since interest rates for mortgages climbed from 3% following the COVID-19 pandemic to over 6% starting in late 2022, home sales in the U.S. have cooled to a level not seen in decades.