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30-year fixed mortgage rate tops 7% for first time in over a year

The jump comes as home prices keep rising and home sales remain lower, adding to the cost of financing a purchase.

Reported · Written up by our desk · Mortgages

Mortgage rates climbed further in the U.S., with the average rate on a 30-year fixed loan crossing above 7% for the first time in more than a year, CNBC Markets reports.

CNBC Real Estate and MarketWatch also tie the move to continued increases in home prices and a decline in sales activity, underscoring how higher borrowing costs can squeeze affordability.

With the rate above 7%, financing a typical home purchase with a fixed mortgage has become more expensive than at any point in the past year-plus, according to the outlets' reporting.

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