Mortgage rates top 7% for first time since early 2025

Mortgage rates rose to more than 7% for the first time since January 2025, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.03% from last week’s reading of 6.95%.

The average rate on a 30-year loan was 6.3% a year ago.

AMERICA’S BEST AND WORST CITIES FOR HOUSING AFFORDABILITY RANKED

The average rate on a 15-year fixed mortgage climbed to 6.42% from last week’s reading of 6.26%.

THE US CITIES WHERE HOME PRICES ARE FALLING THE FASTEST

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 5.1% as of Thursday afternoon.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Read More​Latest Business News on Fox Business f733cbdc-0441-503c-9d97-b77a02b36e95, fbn, Fox Business, fox-business/topic/mortgage, fox-business/home-mortgage, fox-business/markets/economy, fox-business/economic-indicators, fox-business/markets, fox-business/economy, article ​