U.S. mortgage rates have moved above the 7% mark, adding fresh pressure to the country’s housing market and home affordability. According to Freddie Mac’s latest Primary Mortgage Market Survey released on September 24, 2026, the average rate for a 30-year fixed-rate mortgage reached 7.03%, up from 6.95% a week earlier and 6.30% a year ago. The average 15-year fixed mortgage rate also increased to 6.42%, compared with 6.26% the previous week and 5.49% a year earlier. The latest increase represents the fifth consecutive weekly rise in the 30-year fixed mortgage rate and marks its highest level since January 2025. Higher borrowing costs can increase monthly mortgage payments and reduce the amount buyers can comfortably borrow, potentially making home purchases more difficult for households already facing elevated property prices. Mortgage rates are influenced by several factors, including inflation expectations, Treasury yields, economic conditions and financial-market expectations. Freddie Mac notes that its weekly averages are based on conventional, conforming home-purchase loans for borrowers with 20% down payments and excellent credit, meaning individual borrowers may receive different rates depending on their credit profile, loan size, down payment and lender.
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