Mortgage rates retreated this week, with the 30-year fixed rate averaging 6.75 percent, compared to 6.76 percent the previous week, according to Bankrate’s latest lender survey.

Since the pandemic, U.S. mortgage rates have risen dramatically. This surge, combined with historically high home prices, has tanked housing affordability, with first-time homebuyer rates falling to half the historical average. Even a substantial drop in mortgage rates would not restore housing affordability for most Americans.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.79%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.