Mortgage rates rise above 7% for the first time since May


Mortgage rates continued their rise this week, jumping above 7% and increasing pressure on the stagnant housing market.

The latest survey of the primary mortgage market by Freddie Mac, published on Thursday, showed that the average rate of the benchmark 30-year fixed mortgage it jumped to 7.04%, up from last week’s reading of 6.93%. The average rate for a 30-year loan was 6.60% a year ago.

KB start sign

Mortgage rates remain stubbornly high, with long-term notes jumping above 7% this week. (Reuters/Mike Blake/Reuters Photos)

“Mortgage rates rose for a fifth straight week and crossed seven percent for the first time since May 2024,” said Sam Khater, chief economist at Freddie Mac. “The underlying strength of the economy is contributing to this increase in rates.”

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The average 15-year fixed mortgage rate rose to 6.27% from 6.14% last week. A year ago, the 15-year fixed rate averaged 5.76%.



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