Mortgage Rates Rise Above 7% for First Time Since January 2025
The latest Weekly Mortgage Applications Survey reported that mortgage rates have exceeded the 7% threshold, marking their first time above this level since January 2025. As of September 24, the average rate for a 30-year fixed-rate mortgage rose to 7.03%, up from 6.95% in the previous week and significantly higher than the 6.30% recorded during the same period last year. The increase reflects ongoing pressure on housing affordability as rising rates continue to impact buyer demand and home sales activity across the U.S. The upward trend is likely linked to broader monetary policy decisions, including interest rate hikes by central banks aimed at curbing inflation.
Topics: interest rate changes mortgage rates