The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since early February, further pushing up borrowing costs for homebuyers.

Millennials (people born between 1981 and 1996) are far more interested in buying homes today than they were just six months ago. That makes the group the only generation whose interest in homeownership has increased since September 2024. However, these same people are tending to put off the investment due to sky-high mortgage rates.

Mortgage applications to purchase homes climbed 2% compared with the previous week and were 18% percent higher than the same week one year ago.