The average 30-year mortgage rate in the United States rose to 7.03 percent, according to Freddie Mac, marking the first time rates have topped 7 percent since January 2025. Markets and multiple reporting indexes tied the move to higher Treasury yields after the conflict with Iran pushed bond and oil markets, lifting borrowing costs. Economists and analysts quoted in coverage say mortgages above 7 percent are likely to keep many potential buyers on the sidelines and tighten housing affordability. Other tracking measures showed similar upward pressure this week, Mortgage News Daily reported a 30-year rate near 7.26 percent on Wednesday and an ICE index of locked loan rates reached about 7.39 percent, underscoring that the rise is broad-based across data sources. The immediate consequence is likely lower buyer demand and heavier affordability constraints in the weeks ahead, complicating an already weak housing market and influencing mortgage-lock decisions ahead of nationwide elections.
