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Mortgage rates climb for fourth-straight week to hit highest level since Trump took office
Homebuyers could soon have to face an unwelcome milestone: a 7% mortgage rate.
The average 30-year fixed mortgage rate inched closer to that level this week, climbing to 6.95%, up from 6.76% last week, according to Freddie Mac. Itâs the fourth-straight week of rising rates and the largest one-week jump in mortgage rates in 16 months.
Mortgage rates are at their highest level since the week of January 30, 2025, the first full week of President Donald Trumpâs second term.
Higher mortgage rates could be a setback for would-be home buyers waiting on the sidelines. The difference between locking in a mortgage earlier this year when rates were closer to 6% and doing so today could add tens of thousands of dollars to mortgage payments over a 30-year loan on a typical home.
Mortgage rates fell slightly after the Fed hiked rates: Mortgage and refinance interest rates today, Thursday, September 17, 2026
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Mortgage rates are hovering around 7.2% following the Federal Reserve's first interest rate hike in three years.
The latest move is a bit of relief following a bruising few weeks in which they reached as high as 7.24%, the highest levels since early 2025, according to Mortgage News Daily.
The Fed doesn't directly control mortgage rates, and by the time the central bank voted to raise benchmark rates by 25 basis points on Wednesday, mortgage rates had already moved higher in anticipation of that hike.
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