Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a row
The average 30-year fixed-rate mortgage in the US reached 7.40%, the highest level in nearly three years. This peak follows seven consecutive weeks of increases, rising from 7.28% the previous week. According to Freddie Mac, the rate is the highest since November 16, 2023, when it stood at 7.44%. The surge has pressured housing affordability, contributing to a stagnant market where buyers face higher monthly costs and reduced purchasing power. While the 30-year rate recently held steady, the 15-year mortgage rate dipped to 6.71%.
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- ✓ The average 30-year fixed-rate mortgage rose to 7.40% from 7.28% the previous week.
- ✓ Mortgage rates increased for seven consecutive weeks.
- ✓ The current average rate is the highest since November 16, 2023.
- ✓ The average mortgage rate one year ago was 6.30%.
What changed
The benchmark 30-year fixed-rate mortgage climbed to 7.40% after a seven-week streak of increases.
Live updates
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US Long-Term Mortgage Rates Hit 3-Year High After Seven Weekly Rises
The average 30-year fixed-rate mortgage in the US reached 7.40%, the highest level in nearly three years. This peak follows seven consecutive weeks of increases, rising from 7.28% the previous week. According to Freddie Mac, the rate is the highest since November 16, 2023, when it stood at 7.44%. The surge has pressured housing affordability, contributing to a stagnant market where buyers face higher monthly costs and reduced purchasing power. While the 30-year rate recently held steady, the 15-year mortgage rate dipped to 6.71%.
Why it matters
Mortgage rates are heavily influenced by 10-year Treasury yields, which have remained above 5%. Higher borrowing costs often lead to a decline in both home purchase demand and refinancing applications. This trend has left the housing market in a rut throughout the year.
What is confirmed
- The average 30-year fixed-rate mortgage rose to 7.40% from 7.28% the previous week.
- Mortgage rates increased for seven consecutive weeks.
- The current average rate is the highest since November 16, 2023.
- The average mortgage rate one year ago was 6.30%.
- The 15-year mortgage rate decreased to 6.71%.
Still unconfirmed
- Home sales fell sharply across Colorado last month, specifically in Douglas, Larimer, Denver and Adams counties.
What to watch next
- Movement of the 10-year Treasury yield
- Future Freddie Mac benchmark rate reports
- Changes in home purchase demand and refinancing application volumes
confidence 95%Sources used for this update (18)
- NPR — Here's the latest sticker shock: Borrowing for a mortgage — or a car
- Fox Business — Mortgage rates rise for seventh straight week, squeezing homebuyers
- www.chicagotribune.com — Average long-term US mortgage rate at highest level in 3 years
- Yahoo Finance — A move closer to 7.5%: When will mortgage rates go down?
- AP News — Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a row
- WSJ — How 7.4% Mortgages Are Giving Buyers Leverage in a Stuck Housing Market
- beinsure.com — US mortgage rates today hit 7.4%, highest since November 2023
- kdhnews.com — KDH News names new video editor
- finance.yahoo.com — Average long-term US mortgage rate at highest level in nearly ...
- krmg.com — Average long-term US mortgage rate at highest level in nearly ...
- www.denverpost.com — Average long-term US mortgage rate at highest level in nearly ...
- www.denverpost.com — Home sales dropping the most in Douglas, Larimer, Denver and Adams counties
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