WASHINGTON, Dec 19 (Reuters) – U.S. mortgage rates increased this week following three straight weekly declines and could rise further after the Federal Reserve projected fewer interest rate cuts in 2025, boosting the yield on the 10-year Treasury note.

The average rate on the popular 30-year fixed-rate mortgage rose to 6.72% after falling to 6.60% last week, which was the lowest level since the week ending Oct. 24, mortgage finance agency Freddie Mac said on Thursday. The rate averaged 6.67% during the same period a year ago.