The average long-term U.S. mortgage rate climbed this week to its highest level in nearly nine months, driving up borrowing costs for homebuyers during what’s traditionally the housing market’s busiest time of the year.

With mortgage rates reaching a record high on Tuesday, traders also increase likelihood that rates will go above 6.8%.

The average long-term U.S. mortgage rate climbed this week to its highest level in nearly nine months, driving up borrowing costs for homebuyers during what’s traditionally the…