Mortgage rates rise for seventh straight week, squeezing homebuyers

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1. 1h ago

   US Mortgage Rates Hit Three-Year High After Seven-Week Climb

   Borrowing costs for American homebuyers jumped for the seventh consecutive week, pushing the average rate on a benchmark 30-year fixed mortgage to 7.4%. Data released Thursday by Freddie Mac confirms the increase from the previous week's average of 7.28%, marking the highest level for 30-year borrowing in nearly three years. A year ago, the average rate on a similar loan stood at 6.3%. The relentless climb adds severe pressure to an already strained housing market, sidelining would-be buyers and chilling demand across the country as affordability plummets.

   Why it matters

   The consecutive weekly increases represent the longest upward streak in three years, further locking up a housing market already constrained by low inventory and high prices. Elevated borrowing costs continue to widen the gap between renting and buying in major metropolitan areas while reshaping buyer leverage. Analysts note that the prolonged streak pushes rates uncomfortably close to 7.5%, raising barriers for households attempting to enter the property market.

   What is confirmed

   • The average rate on a benchmark 30-year fixed mortgage rose to 7.4% this week, up from 7.28% the previous week.
   • Mortgage rates have increased for seven consecutive weeks, the first such streak in three years.
   • The average rate on a 30-year loan was 6.3% a year ago.
   • The 30-year mortgage rate has reached its highest level in nearly three years.

   Still unconfirmed

   • Real estate technology company Zillow has produced new forecasts regarding major housing market and mortgage rate shifts.

   What to watch next

   • Upcoming Freddie Mac weekly mortgage market surveys to see if the rate streak continues past seven weeks.
   • Potential shifts in housing demand and homebuyer leverage as rates approach 7.5%.
   Sources used for this update (23)

   1. www.foxbusiness.com — Home Mortgage
   2. NPR — Here's the latest sticker shock: Borrowing for a mortgage — or a car
   3. Reuters — US 30-year mortgage rate hits highest in nearly three years
   4. The New York Times — Highest Mortgage Rates in 3 Years Chills the Housing Market
   5. Reuters — US 30-year fixed-rate mortgage rate hits 7.40%, likely to further erode housing demand
   6. Fox Business — Mortgage rates rise for seventh straight week, squeezing homebuyers
   7. finance.yahoo.com — Mortgage rates rise for seventh straight week, squeezing ...
   8. OregonLive.com — Rising mortgage rates sideline would-be homebuyers
   9. www.foxbusiness.com — Mortgage rates rise for seventh straight week, squeezing homebuyers
   10. Yahoo Finance — A move closer to 7.5%: When will mortgage rates go down?
   11. WSJ — How 7.4% Mortgages Are Giving Buyers Leverage in a Stuck Housing Market
   12. flipboard.com — Zillow predicts major mortgage rate, housing market change
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