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Average 30-Year Mortgage Rate Tops 7% for First Time Since May 2025
Rising Treasury yields, oil above $100 and low labor data are adding pressure for Federal Reserve officials to keep policy tight.
- The average 30-year fixed mortgage rate reached 7.07% on Thursday, marking the first time it crossed 7% since May 2025, according to Mortgage News Daily.
- Treasury Secretary Bessent's Treasury buyback announcement disappointed investor expectations, while WTI crude oil prices surged above $100, pushing the 10-year Treasury yield to 4.92%.
- Borrowers are shifting toward adjustable-rate mortgages, which accounted for 8.5% of applications last week, while total mortgage application volume fell 2.7% according to the Mortgage Bankers Association.
- Monthly payments for a $430,000 home are $244 higher than in February. "Higher mortgage rates continue to weigh on prospective homebuyers," said Joel Kan, MBA vice president.
- Matthew Graham, chief operating officer at Mortgage News Daily, called recent bond market movement "a rough couple of days," as August wholesale prices rose 0.4% amid Federal Reserve focus on price stability.
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Mortgage Mix: Rates Spiral to 7%, Fed Sued Over Alleged ‘Private’ Wall Street Talks
Editor’s Note: The Mortgage Mix is RISMedia’s highlight reel of need-to-know mortgage-industry happenings. Watch for it every other Friday afternoon. Start with the numbers: Mortgage rates are climbing fast, with Freddie Mac’s benchmark survey reporting 6.76% on average this week for the 30-year, while other sources found rates crossed the 7% threshold. -Rates are pushing…
Coverage Details
Total News Sources17
Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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