Mortgage Rates Climb Fourth Week, Near 7%
Mortgage Rates Climb Fourth Week, Near 7%
The News
The average rate on a 30-year US mortgage rose again this week and is closing in on 7%, squeezing home buyers who are already struggling to get into the market.
Mortgage buyer Freddie Mac said the 30-year rate hit its highest level since January 2025, Reuters reported Thursday.
CNN reported it was the fourth straight weekly increase, putting rates at their highest level since President Trump took office.
Timeline
The last time the average 30-year mortgage rate sat as high as it does now, according to Freddie Mac data cited by Reuters.
Ahead of Freddie Mac's weekly snapshot, WPXI reported that struggling US home buyers and the housing market were facing new hurdles, with the average 30-year rate expected to rise again and move closer to 7%.
Freddie Mac's release confirms the increase. Reuters reports the 30-year rate is the highest since January 2025; CNN reports it is the fourth consecutive weekly climb and the highest level since Trump took office.
Reactions
Coverage split on who the story hurts. CNN framed the move as an unwelcome milestone that home buyers could soon face: a 7% mortgage rate.
WPXI described the increase as a fresh hurdle for both buyers and the broader market.
The Daily Mail argued there is a silver lining for renters, writing that they can avoid the surging costs of home ownership without seeing massive rent increases.
What's Next
Freddie Mac publishes its rate survey weekly, so next week's snapshot will show whether the streak reaches a fifth straight increase — and whether the 30-year average crosses 7%.
If rates keep climbing, the pressure lands first on buyers at the edge of affordability and on a market that has already been slow to move.
Poll
What should you do with a 30-year mortgage rate near 7%?
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