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Mortgage rates rise to 7.03%: Freddie Mac
foxbusiness.com • • general
Key Points:
- Mortgage rates have risen above 7% for the first time since January 2025, with the average 30-year fixed mortgage rate reaching 7.03%, up from 6.95% last week, according to Freddie Mac.
- The 15-year fixed mortgage rate also increased to 6.42% from 6.26% the previous week, while rates were significantly lower a year ago, with the 30-year rate at 6.3%.
- Mortgage rates closely follow the 10-year Treasury yield, which recently hit a 19-year high of 5.11%, influenced by inflationary pressures and rising Brent crude oil prices above $100 per barrel.
- Realtor.com economist Anthony Smith noted that the recent sharp increase in mortgage rates is driven mainly by the surge in the 10-year Treasury yield, suggesting that upward pressure on mortgage rates may continue.
