US mortgage rates climb past 7% as borrowing costs increase

The short version

• Average 30-year fixed mortgage rates rose past 7%, according to industry data from Freddie Mac and the Mortgage Bankers Association.[ABC News · CBS News · CBS News]
• Higher borrowing costs are intensifying a housing slowdown, with existing home sales reaching an annual low in August.[The Guardian]
• Federal Reserve policymakers signaled that additional interest rate increases may occur before the end of 2026.[The Guardian]

Key facts

• Freddie Mac reported that the average 30-year fixed-rate mortgage increased to 7.03%, marking its highest reading since January 16, 2025.[ABC News · CBS News]
• The Mortgage Bankers Association recorded a 30-year fixed rate of 7.12% for the week ending September 18, reaching a level unseen since May 2024.[CBS News · CBS News]
• The recent jump follows the Federal Reserve's first interest rate increase since 2023.[The Guardian]
• A majority of the Federal Reserve's rate-setting panel projected at least one more rate hike before the conclusion of 2026.[The Guardian]
• The 10-year Treasury yield, which heavily steers home loans, moved to 5.1% after climbing more than a percentage point since late February 2026.[CBS News · CBS News]
• Existing home sales fell to their 2026 low in August, while pending sales shifted negative compared to the previous year.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Mortgage rates top 7% for the first time since May 2024CBS News - US
• US mortgage rates top 7% for first time in 20 monthsThe Guardian - US
• Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%ABC News - Business
• Mortgage rates are back above 7%. How much higher could they climb?CBS News - Top Stories