Mortgage Rates Now Close to 7.5%
US mortgage rates have climbed above 7 percent for the first time in over two years, dealing a severe blow to the frozen housing market. The 30-year fixed home loan average jumped sharply on Thursday to reach 7.45 percent, according to Mortgage News Daily and CNBC data. This marks the fifth consecutive week of increases. The surging borrowing costs intensify affordability pressures for prospective home buyers across the country as fallout from the war with Iran impacts the broader economic landscape.
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- ✓ The average rate on a 30-year home loan has climbed above 7 percent.
- ✓ Mortgage rates have risen for five consecutive weeks.
- ✓ The 30-year fixed mortgage rate jumped sharply Thursday to 7.45 percent.
What changed
Average 30-year fixed mortgage rates climbed above 7 percent, hitting 7.45 percent on Thursday.
Live updates
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Mortgage Rates Surge Past 7 Percent
US mortgage rates have climbed above 7 percent for the first time in over two years, dealing a severe blow to the frozen housing market. The 30-year fixed home loan average jumped sharply on Thursday to reach 7.45 percent, according to Mortgage News Daily and CNBC data. This marks the fifth consecutive week of increases. The surging borrowing costs intensify affordability pressures for prospective home buyers across the country as fallout from the war with Iran impacts the broader economic landscape.
Why it matters
Housing affordability continues to deteriorate as borrowing costs compound a weak real estate market. The steady climb in home loan rates threatens to further sideline buyers and sellers who are already hesitant to transact in the current environment. The rapid jump reflects broader economic pressures hitting the financial sector.
What is confirmed
- The average rate on a 30-year home loan has climbed above 7 percent.
- Mortgage rates have risen for five consecutive weeks.
- The 30-year fixed mortgage rate jumped sharply Thursday to 7.45 percent.
What to watch next
- Whether mortgage rates continue to climb toward 7.5 percent or stabilize
- Further data on how the housing market reacts to borrowing costs above the 7 percent threshold
confidence 95%Sources used for this update (9)
- The New York Times — Mortgage Rates Hit 7% as Iran War Fallout Crushes a Weak Housing Market
- CNN — Mortgage rates top 7%, dealing a further blow to the frozen housing market | CNN Business
- finance.yahoo.com — Mortgage rates surge to highest level in over two years: Mortgage and refinance interest rates today
- ABC News - Breaking News, Latest News and Videos — Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%
- Mortgage News Daily — Mortgage Rates Now Close to 7.5%
- CNBC — 30-year fixed mortgage rate jumps sharply Thursday to 7.45%
- ketv.com — Mortgage rates just topped 7%. Here's what that means is you're buying a home in Omaha
- Financial Times — US mortgage rates breach 7% as affordability pressures mount
- www.caledonianrecord.com — 15 cookies proven to vanish while the tray is still fully warm
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