Benchmark mortgage rate tops 7 percent, highest in 2 years
Summary
The average interest rate for a 30-year fixed mortgage has risen above 7 percent for the first time in two years. This week, the rate is 7.03 percent, continuing a trend of weekly increases.Key Facts
- The 30-year fixed mortgage rate is now 7.03 percent.
- This is the first time the rate has gone above 7 percent since January 2025.
- The rate increased from 6.95 percent last week.
- Mortgage rates have risen for five weeks in a row.
- The data comes from Freddie Mac, a company that tracks mortgage rates.
- Higher mortgage rates mean it costs more to borrow money to buy a home.
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