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US 30-year mortgage rate tops 7%, hits 2-year high
- On Thursday, Freddie Mac reported the average 30-year fixed mortgage rate climbed to 7.03%, topping 7% for the first time since January 2025.
- Spiking 10-year U.S. Treasury yields, which mortgage rates track, reflect investor concerns about intensifying inflation and the war in Iran pushing oil prices higher.
- Mortgage Bankers Association data shows applications fell 11% from a year ago, while Lennar CEO Stuart Miller warned that many homebuyers are "clearly stretching" to afford homes.
- At a Chicago conference, Fed Governor Michael Barr defended the central bank's policy, stating, "We needed to recalibrate monetary policy to reflect the balance of risks to our mandate goals."
- President Donald Trump has criticized the Federal Reserve's handling of rates, while a Reuters/Ipsos poll published Monday showed just 17% of respondents approve of his economic management ahead of November elections.
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Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%
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.
·Braintree, United States
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Coverage Details
Total News Sources8
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
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