Mortgage rates jump to highest level in over a year - Fox Business
Mortgage rates have climbed to 6.71%, reaching their highest level in over a year. Analysts attribute the rise to inflation concerns fueled by geopolitical tensions in the Middle East.
Why it matters
Rising mortgage rates directly impact housing affordability and the broader real estate market, creating new hurdles for prospective homebuyers.
Mortgage rates rose to the highest level in more than a year, 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 6.71% from last week's reading of 6.66%. It was the highest reading since July 31, 2025, when the average rate on the 30-year fixed mortgage was 6.72%. The average rate on a 30-year loan was 6.5% a year ago. SLOWING LABOR MARKET CREATES NEW HURDLE FOR FIRST-TIME HOMEBUYERS FACING AFFORDABILITY SQUEEZE "Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions," said Sam Khater, Freddie Mac's chief economist. The average rate on a 15-year fixed mortgage rose to 6.04% from last week's reading of 5.98%.
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