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The average rate on a 30-year fixed mortgage in the United States has climbed to its highest level since last July.
According to government-backed mortgage company Freddie Mac, the average rate on a 30-year fixed home loan stood at 6.71 percent as of Thursday (local time), up 0.05 percentage points from the previous week. That marks the highest reading since July 31, 2025, when the rate was 6.72 percent — a span of about 13 months. The rate is also 0.21 percentage points above the 6.50 percent recorded a year ago.
The average rate on a 15-year fixed mortgage also rose, climbing from 5.98 percent the previous week to 6.04 percent. A year ago, the same loan carried a rate of 5.60 percent.
Mortgage rates broadly track the yield on 10-year US Treasury notes, and the recent sharp rise in Treasury yields appears to have pulled home-loan rates higher in tandem.
Treasury yields have surged as rising global oil prices — driven by the fallout from the US-Iran war — have reignited inflation fears, while US government debt has swelled to a record high. Higher mortgage rates increase monthly repayment burdens for homebuyers, eroding purchasing power and potentially pushing purchases further into the future. The added pressure on an already sluggish housing market presents yet another challenge for the Donald Trump administration.
kate01@heraldcorp.com
