US 30-year mortgage rate tops 7 percent for first time since January 2025

In the United States, the average 30-year fixed-rate mortgage rose to 7.03 percent, the highest since January 2025, according to Freddie Mac. This marks the fifth consecutive weekly increase, driven by a surge in the 10-year Treasury yield to 5.17 percent, its highest since 2007, amid rising oil prices and inflation expectations following U.S. and Israeli attacks on Iran. The Federal Reserve's recent interest rate hike also contributed. Higher borrowing costs add hundreds of dollars to monthly payments, prompting many buyers to delay purchases. Analysts warn of a chilling effect on the housing market this fall.