The average rate on the benchmark 30-year mortgage hit 6.76% this week, its highest level in more than 14 months.
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Meanwhile, borrowing costs on 15-year fixed-rate mortgages — which are often sought by borrowers looking to refinance a home loan — fell slightly this week.
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Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week.
Opponents say the rule change could reverse decades of lending protections and open the door to discrimination against Black people, Latinos and other minorities.
As recently as late February, the average 30-year mortgage slipped under 6% for the first time since 2022. It started climbing last month as the war with Iran sent energy prices soaring.
While rates are still down from a year ago, their recent upward trend has already led to a slowdown in mortgage applications.
The latest dip, its third decline in a row, brings it closer to its lowest level since Sept. 8, 2022, when it was 5.89%.
Federal Reserve governor Christopher Waller also said that the Supreme Court’s decision to strike down many of Trump’s tariffs would likely have only a limited impact on the economy and inflation, and therefore wouldn’t affect his view on rates.
Sales had their biggest annual and monthly drop in the West, which wasn’t as affect by last month’s winter storm as the other regions of the country.
Nationwide, according to real estate analytics company Attom, 367,460 properties saw foreclosure filings in 2025, representing 0.26% of all U.S. housing units. That’s a 14% increase from 2024.
Economists generally expect mortgage rates to ease further this year, though most recent forecasts show the average rate on a 30-year mortgage remaining above 6%, about twice what it was six years ago.
The housing market recently crossed a noteworthy line: There are now more Americans with mortgage rates higher than 6% than below 3%.
The average 30-year fixed rate mortgage was about 6.2% on Thursday, down from nearly 7% when President Donald Trump took office.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week.
Lawmakers in both parties view simmering fury over the cost of living as the top issue in next year’s midterm elections and are pitching a growing profusion of proposals to tackle the notoriously difficult problem of affordability.
Wednesday’s cut reduced the Fed’s key interest rate by a quarter-point, to about 3.6%, the lowest it has been in nearly three years.
The Federal Housing Finance Agency adjusts the limits of a confirming loan annually to reflect changes in U.S. home values, which have been rising this year.
The White House says it is considering backing a 50-year mortgage to help alleviate the home affordability crisis in the country. But the announcement drew immediate criticism.
Mortgage rates started declining in July in the lead-up to the Federal Reserve’s decision last month to cut its main interest rate for the first time in a year amid growing concern over the U.S. job market.
Mortgage rates have been mostly declining since late July amid expectations that Federal Reserve would cut rates for the first time since last year.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell.
