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US mortgage rates surpass 7% for first time since January 2025
Freddie Mac data show the 30-year mortgage rate moved up to a 3.75% to 4.0% range on September 16 after the Fed raised rates.
US mortgage rates have climbed above 7% for the first time since January 2025, according to federal lender Freddie Mac, pushing borrowing costs higher for would-be homebuyers.
The latest jump follows the US Federal Reserve raising interest rates, which directly influence mortgage rates. Freddie Mac said that on September 16, rates increased by a quarter-point to a range of 3.75% to 4%.
In the Fed’s new projections, a majority of the rate-setting committee predicted at least one additional rate hike before the end of this year. Housing conditions have already been pressured by years of high rates alongside low supply.
The Guardian Economics report also noted that the Freddie Mac 30-year mortgage rate had been trending down from 7.79% last year, before creeping back up since late February.