Mortgage Rates Near 7%, Highest in 19 Months

Home shoppers holding out for relief from rising mortgage rates may be in for a long wait. The weekly average rate on a 30-year fixed-rate home loan has been rising for months and this week climbed to just below 7%—its highest level in over 19 months, per the AP. The benchmark 30-year fixed rate mortgage rate rose to 6.95% from 6.76% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.26%.

This is the fourth week in a row that mortgage rates have moved higher, and the average rate hasn't reached this level since Jan. 30, 2025. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 6.26% from 6.09% last week. A year ago, it was at 5.41%. Relief, meanwhile, is not on the horizon: The Federal Reserve's decision Wednesday to increase its key interest rate for the first time in three years in a bid to tame surging inflation could put upward pressure on mortgage rates.