The average rate on 30-year mortgages rose to 6.89% from 6.86% last week, while borrowing costs on 15-year mortgages rose to 6.03% from 6.01%.

A new survey showed Gen Z appears to be the most cautious and wary of high mortgage rates with an increased inclination towards signing a lease.

Compared to one month ago, pending home sales fell in all four U.S. regions largely due to mortgage rates, NAR’s chief economist said.