Interest rates moved higher for the second week in a row for the period ending July 17, after declining for five consecutive weeks, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 6.75% as of July 17, up from last week’s level of 6.72%. The 15-year fixed-rate mortgage averaged 5.92%, up from last week’s average of 5.86%.

In 2025, interest rates have been zigzagging in a limited range between a high of 7.04%, reached during the week of Jan. 16, and a low of 6.62%, reached during the week of April 10. One year ago this week, the 30-year mortgage rate averaged 6.77%, and the 15-year mortgage rate averaged 6.05%.

Mortgage rates may have been impacted by the June inflation data showing the Consumer Price Index rising 0.3% month over month, and 2.7% on an annual basis. The new data reverses several months of cooling inflation reports, according to Realtor.com. A reason for the increasing inflation could be President Donald Trump’s tariffs on imports, including furniture, toys and large appliances.

Sam Khater, Freddie Mac’s chief economist, remained positive about the news, saying that the general consistency of interest rates may help spur homebuyers to reenter the housing market.

“The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%, said Khater in a statement. “While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act.”