The brief window of mortgage rate optimism that opened earlier this spring is closing quickly. The average 30-year fixed-rate mortgage climbed to 6.52% in the week ending Wednesday, according to Freddie Mac, up from 6.48% the prior week and continuing a drift higher that has now persisted for four consecutive weeks. Rates have been anchored around 6.5% since mid-May — high enough to meaningfully suppress affordability for buyers and far enough above the lows of late 2024 to keep the refinance market largely frozen for the millions of homeowners who locked in rates between 6% and 7% over the past two years.