Borrowers in the United States faced another major setback this week as long-term home loan rates climbed past 7% for the first time since January 2025, marking the fifth consecutive week of increasing borrowing costs for prospective buyers.
Data released Thursday by mortgage buyer Freddie Mac shows the average rate on a 30-year fixed-rate home loan rose to 7.03 percent, up from 6.95 percent last week. At this time last year, the average rate stood at 6.30 percent.
