US Mortgage Rates Rise to 6.97%, Highest In More Than a Year
United States mortgage rates climbed to 6.97 percent, marking the highest level in over a year and the fourth consecutive week of increases. The surging interest rates are straining the stagnant housing market, reducing buyer purchasing power by hundreds of dollars per month and driving mortgage demand down 19 percent from a year ago. Home shoppers and sellers face rising costs and new market hurdles ahead of anticipated Federal Reserve decisions.
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- ✓ US mortgage rates rose to 6.97 percent, reaching the highest level in more than a year.
- ✓ Mortgage rates climbed for the fourth week in a row.
- ✓ Mortgage demand from homebuyers dropped 19 percent from a year ago.
What changed
Average long-term U.S. home loan rates increased to 6.97 percent, registering the highest mark in more than a year.
Live updates
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US Mortgage Rates Hit 6.97%, Reaching Highest Level in Over a Year
United States mortgage rates climbed to 6.97 percent, marking the highest level in over a year and the fourth consecutive week of increases. The surging interest rates are straining the stagnant housing market, reducing buyer purchasing power by hundreds of dollars per month and driving mortgage demand down 19 percent from a year ago. Home shoppers and sellers face rising costs and new market hurdles ahead of anticipated Federal Reserve decisions.
Why it matters
The recent upward trajectory in long-term home loan costs compounds affordability challenges for buyers who have waited months for relief. These borrowing costs stand near the 7 percent threshold, forcing both buyers and sellers to adapt to new rules of engagement. Treasury yields and broader market conditions continue to react to monetary policy adjustments.
What is confirmed
- US mortgage rates rose to 6.97 percent, reaching the highest level in more than a year.
- Mortgage rates climbed for the fourth week in a row.
- Mortgage demand from homebuyers dropped 19 percent from a year ago.
Still unconfirmed
- The Federal Reserve just raised interest rates for the first time since 2023.
- Dow gained 316 points and Nasdaq jumped 1.69 percent as tech and chip stocks rallied.
What to watch next
- Upcoming Federal Reserve interest rate announcements and policy decisions
- Further weekly reports on mortgage rate movements and housing demand statistics
confidence 95%Sources used for this update (12)
- Investopedia — Housing Market Needs Lower Mortgage Rates as Costs Keep Rising
- WSJ — The Stagnant Housing Market Is About to Face a 7% Mortgage
- nbcdfw.com — Mortgage rates climb above 7%. What it means for North Texas homebuyers
- Mortgage News Daily — Mortgage Rates Higher Again Ahead of Fed
- Bloomberg.com — US Mortgage Rates Rise to 6.97%, Highest In More Than a Year
- CBS News — The Federal Reserve just raised interest rates for the first time since 2023. Here's how mortgage rates may respond.
- CNBC — Mortgage demand from homebuyers drops 19% from a year ago, as interest rates surge abruptly higher
- Yahoo Finance — Mortgage rate predictions for the next five years: A new data-powered forecast through 2031
- WSJ — The New Rules for Selling Your Home With Mortgage Rates Near 7%
- www.courant.com — Mortgage rates brush 7%, weighing on buyers, sellers and further straining a bleak housing market
- hdfcsky.com — Nasdaq Jumps 1.69% as Oil Slips and Treasury Yields Retreat After Fed Rate Hike
- finance.yahoo.com — Struggling US home buyers, and market, face new hurdles as mortgage rates near 7%
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