Average 30-year U.S. mortgage rate rises above 7%
publishers 9articles 10first reported 23 Sep, 14:28 UTCdeveloping since 24 Sep · 6 editionstop 25 #11
The average U.S. rate on a 30-year fixed mortgage rose to 7.03% this week from 6.95% a week earlier, according to Freddie Mac data cited by The Hill. It was the fifth consecutive weekly increase and the first time the benchmark rate had exceeded 7% since January 2025.
The rise adds pressure to a housing market already constrained by high borrowing costs and limited supply. NPR reported that mortgage rates have climbed by more than one percentage point since the U.S. war against Iran began. The Guardian said the latest increase followed the Federal Reserve’s first interest-rate hike since 2023, which the central bank made while citing elevated inflation.
As borrowing costs climbed, nearly 10% of borrowers chose riskier mortgage products last week, CNBC reported. Yahoo Finance described current mortgage and refinancing rates as their highest in more than two years, though that measure may differ from Freddie Mac’s weekly benchmark.
The outlook remains uncertain. A Realtor.com senior economist told CBS News that mortgage rates were much more likely to rise than fall by year-end. MarketWatch reported that some analysts consider an 8% mortgage rate possible amid a sharp rise in the 10-year Treasury yield and uncertainty about the U.S. economy.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; the editor kept it as written.
- Publishers
- 9
- Source articles
- 10
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
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