Mortgage rates in the U.S. climbed to their highest level since January 2025, and new home construction declined, adding to concerns about a housing market slowdown in the U.S.
The U.S. housing market is under pressure again as mortgage rates surge past the 7% mark. The average rate on the most common 30-year fixed-rate mortgage hit 7.17% in mid-September, the highest level since January 2025, according to Mortgage News Daily.
The rise in financing costs comes after a period of significantly more favorable conditions. In February, the rate had fallen to around 5.99%, but inflation concerns, higher oil prices and tensio…