Mortgage rates top 7% for the first time in more than 2 years
US 30-year fixed mortgage rates have climbed above 7%, reaching a high not seen in more than two years. Data from the Mortgage Bankers Association and Freddie Mac show rates hitting 7.12% and 7.03% respectively, while some reports place the average as high as 7.45%. This surge follows the Federal Reserve's first rate hike in three years. Consequently, nearly 10% of borrowers shifted to riskier mortgage options last week to manage the increased costs of borrowing.
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- ✓ Mortgage rates have exceeded 7% for the first time in over two years.
- ✓ The 30-year fixed mortgage rate reached 7.12% according to the Mortgage Bankers Association.
- ✓ Freddie Mac reported the 30-year mortgage rate rose to 7.03%.
- ✓ The recent rate climb followed the Federal Reserve's first rate hike in three years.
What changed
The Federal Reserve implemented its first rate hike in three years, triggering a fourth consecutive weekly increase in mortgage rates.
Live updates
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US 30-Year Mortgage Rates Surpass 7% for First Time in Over Two Years
US 30-year fixed mortgage rates have climbed above 7%, reaching a high not seen in more than two years. Data from the Mortgage Bankers Association and Freddie Mac show rates hitting 7.12% and 7.03% respectively, while some reports place the average as high as 7.45%. This surge follows the Federal Reserve's first rate hike in three years. Consequently, nearly 10% of borrowers shifted to riskier mortgage options last week to manage the increased costs of borrowing.
Why it matters
Higher rates increase monthly payments for homebuyers, reducing overall affordability in the housing market. This trend coincides with broader inflation and a tightening monetary policy from the Federal Reserve to stabilize prices.
What is confirmed
- Mortgage rates have exceeded 7% for the first time in over two years.
- The 30-year fixed mortgage rate reached 7.12% according to the Mortgage Bankers Association.
- Freddie Mac reported the 30-year mortgage rate rose to 7.03%.
- The recent rate climb followed the Federal Reserve's first rate hike in three years.
Still unconfirmed
- Almost everything is getting more expensive weeks before the midterms.
What to watch next
- Further rate hike announcements from the Federal Reserve
- Updated inflation data affecting the Philadelphia Fed's tightening signals
- New MBA data on borrower trends regarding risky mortgage products
confidence 90%Sources used for this update (13)
- WSJ — Weeks Before the Midterms, Almost Everything Is Getting More Expensive
- CNBC — Nearly 10% of borrowers opted for riskier mortgages last week, as rates soared over 7%
- Yahoo Finance — US fixed 30-year mortgage rate jumps to 7.12%, MBA says
- CBS News — Mortgage rates top 7% for the first time in more than 2 years, MBA data shows
- Realtor.com — How Homebuyers Can ‘Rate-Proof’ Their Budgets in a Volatile Mortgage Market
- WRAL — Mortgage rates climb above 7%, putting more pressure on homebuyers
- Axios — Mortgage interest rates top 7%
- The Washington Post — Why mortgage rates could soon rise even more
- Yahoo Finance — Mortgage and refinance interest rates today, Wednesday, September 23, 2026: Fixed rates find more room to fall
- www.hngn.com — Mortgage Rates Climb to 7.03% After Fed’s First Hike in Three Years
- finance.yahoo.com — Musk’s ‘Zuckerberg moment,’ mortgage rates, and Google’s space bet
- www.mpamag.com — Philadelphia Fed chief signals more tightening as inflation stays sticky
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