The 30-year mortgage rate has inched up to the highest level since early last summer. Refinances are unexpectedly going up.

Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges.

Some U.S. consumers are optimistic about the housing market in 2025, believing there's a chance mortgage rates and home prices drop. But how likely is that to really happen?

Higher interest rates add to problems with affordability that have hammered the housing market for the last two years. Prices have continued to climb despite slower sales volume, posting 17

The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

Mortgage rates have experienced fluctuations over the last few months, with a general upward trend in recent weeks. As of January 15, 2025, the average 30-year fixed-rate mortgage stands at 7.01%, reflecting a slight increase from earlier this year — and from the rates we saw in late 2024.

The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months.

Mortgage rates are quickly approaching 7% again, after rising each of the first two weeks in January. Nationally, it means the household income now required to afford the typical starter home is $70,164,

MSCI's global equities gauge rose on Thursday, while Wall Street indexes closed lower and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve official comments suggesting more interest rate cuts on the horizon.

US mortgage rates topped 7% last week, reaching the highest level since early May and extending a months-long advance that risks restraining the housing market.