U.S. Mortgage Rates Rise for Seventh Straight Week, Exacerbating Housing Affordability Crisis

U.S. mortgage rates have risen for seven consecutive weeks for the first time in three years, adding pressure to an already fragile housing market. The Federal Home Loan Mortgage Corp. said Thursday that the average rate on a 30-year fixed-rate mortgage climbed from 7.28% last week to 7.4%. That is the highest level since November 2023, up from 6.3% a year ago. As rates return above 7%, they are intensifying the U.S. housing affordability crisis. With less than four weeks until the midterm elections, the issue has become increasingly prominent. Homebuyers across the country are being squeezed by high borrowing costs and home prices that remain near historic highs.