Mortgage rates climbed above 7% on Thursday, reaching their highest level since January 2025, according to Freddie Mac.
The mortgage finance company’s latest Primary Mortgage Market Survey showed the average rate for a 30-year fixed-rate loan increased to 7.03% from 6.95% the previous week.
The benchmark rate was 6.3% a year earlier.
A real estate agent prepares an open house in Rancho Cucamonga, California, on May 9, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
The average rate for a 15-year fixed-rate mortgage rose to 6.42% from 6.26% the prior week.
Mortgage rates are influenced by several factors, including Federal Reserve policy and geopolitical conditions. Although Fed interest-rate decisions do not directly determine mortgage rates, they tend to move closely with the 10-year Treasury yield, which was near 5.1% Thursday afternoon.
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