Mortgage rates have climbed for the fifth consecutive week, reaching a new high for the year, according to Freddie Mac’s latest survey. As we progress through the busiest homebuying months, potential buyers face persistent high rates, evidenced by the rise in pending home sales to the highest level in a year. Meanwhile, the Federal Reserve signals caution with rate cuts due to ongoing inflation concerns, and the U.S. manufacturing sector struggles with higher borrowing costs and shifting consumer spending. These economic pressures are shaping a challenging landscape for homebuyers and the housing market.