Mortgage rates climbed for the fourth week in a row, driving the average long-term US home loan rate to just below 7%, its highest level in over 19 months.
The benchmark 30-year fixed rate mortgage rate rose to 6.95% from 6.76% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.26%.
Higher mortgage rates can add hundreds of dollars a month to borrowers’ costs, limiting homebuyers’ purchasing power. As rates rise, that can also lead prospective home shoppers to delay buying.
The average rate hasn’t been this high since Jan. 30, 2025.