Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%
The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, the latest affordability setback for prospective homebuyers following a five-week run of rate increases.
TL;DR
- Average U.S. mortgage rate has climbed above 7%.
- This is the first time the rate has exceeded 7% since January 2025.
- The increase follows a five-week period of continuous rate hikes.
- Higher rates pose an affordability challenge for prospective homebuyers.