US 30-year mortgage rate tops 7%, hits 2-year high
Freddie Mac said the 30-year fixed rate rose to 7.03%, the highest since January 2025, as higher bond yields lifted borrowing costs.
- On Thursday, Freddie Mac reported the average 30-year fixed mortgage rate climbed to 7.03% this week, marking the fifth consecutive weekly increase and the highest level since January 16, 2025.
- Surging 10-year Treasury yields, which hit 5.11% on Wednesday, drove the increase as investors react to inflation and energy volatility stemming from the war in Iran.
- Borrowing costs are tightening housing affordability, prompting nearly 10% of borrowers to opt for adjustable-rate mortgages last week, while major homebuilders like Lennar face pressure from higher costs.
- Crossing the 7% threshold creates a "foreboding psychological barrier" for buyers, according to Bright MLS chief economist Lisa Sturtevant, slowing market activity across the United States.
- Federal Reserve policymakers signal potential future rate hikes as economists warn mortgage rates may remain elevated, though modest relief could arrive if inflation moderates by year-end.
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Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7% - WXXV News 25
By ALEX VEIGA The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, the latest affordability setback for prospective homebuyers following a five-week run of rate increases. The weekly average rate on a 30-year fixed-rate home loan rose to 7.03% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. One year...
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How will 7% mortgage rates change home ownership?
For most of this century, homebuyers could depend on mortgage rates being relatively low — no more than 5%. But that is no longer true. The average 30-year mortgage rate hit 7% this week. High rates may be here to stay, and that could have profound effects on an already dysfunctional U.S. housing market.What did the commentators say?The 7% rate has no significance “beyond the psychological effect of the round number,” said NPR. But it reflects a…
Morning Business Report: Mortgage rates top 7% as borrowing costs reach two-year high
(LILAMAX)- Mortgage rates topped 7% this week, making a home loan the most expensive it has been in two years. The roughly one percentage-point increase in mortgage rates since February translates to an additional $276 per month for a borrower financing a $400,000 home loan at the current average rate. Meanwhile, Lowe’s is rolling out a pilot program for drone...
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