The daily 30-year fixed mortgage rate soared to 7.24% last week, adding yet another cost for homebuyers already facing the double whammy of high housing prices and inflation squeezing their wallets.
Freddie Mac’s weekly average rate also climbed to 6.95%, putting borrowing costs at their highest level since January 2025. The increase comes as the Federal Reserve raised interest rates to combat persistent inflation, adding pressure on borrowing costs across the economy.
