The average rate on a 30-year U.S. mortgage rose for the second week in a row, another setback for the U.S. housing market, which is mired in a sales slump as affordability constraints shut out prospective homebuyers.

The claim consists of three main components: first, that the average rate on a 30-year U.S. Mortgage rose for the second week in a row; second, that this rise represents a setback for the U.S. Housing market; and third, that the housing market is currently experiencing a sales slump driven by affordability constraints limiting prospective homebuyers. Multiple recent news reports from reputable sources confirm that the average 30-year mortgage rate increased from 6.

72% to 6. 75%, marking the second consecutive weekly increase.kiro7.comkiro7.comAverage long-term US mortgage rate rises to 6.75%, second straight uptickbaltimoresun.combaltimoresun.comAverage long-term US mortgage rate rises to 6.75%, second straight uptickwtop.comwtop.comAverage long-term US mortgage rate rises to 6.75%, second straight uptick This uptick in rates has been linked to reduced mortgage applications and dampened demand, indicating a negative impact on housing market activity.

The housing market is widely reported to be in a slump with sales declining, largely attributed to higher borrowing costs and affordability issues that prevent many potential buyers from entering the market.businessreport.combusinessreport.comUS mortgage rates are once again on the risefinance.yahoo.comfinance.yahoo.comAverage long-term US mortgage rate rises to 6.75%, second straight uptick These factors together support the claim's accuracy. While economic conditions can fluctuate, current data and expert analyses consistently show these trends, justifying the verdict of True.