Mortgage Rates Rise to Highest Level Since July 2025
Freddie Mac reported that mortgage rates have climbed to their highest level in over a year, with the average rate on the benchmark 30-year fixed mortgage reaching 6.71%. This marks an increase from last week's reading of 6.66% and is the highest since July 2025 when it was at 6.72%. The rise follows ongoing tensions in the Middle East, which have driven oil prices higher and fueled inflation concerns. The average rate on a 15-year fixed mortgage also increased to 6.04%, up from 5.98% last week. Freddie Mac's chief economist noted that purchase demand has remained stable despite these challenges. Mortgage rates are closely tied to the 10-year Treasury yield, which stood at around 4.74%. Analysts attribute recent rate increases partly to geopolitical tensions and their impact on inflation expectations.
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