Mortgage rates climb for 5th straight week
The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, the latest affordability setback for prospective homebuyers following a five-week run of rate increases. The weekly average rate on a 30-year fixed-rate home loan rose to 7.03% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%. The average rate is now the highest it’s been since Jan. 16, 2025, when it was at 7.04%. “Beyond the immediate financial constraints, the 7% threshold is a foreboding psychological barrier,” said ...