Benchmark mortgage rate tops 7 percent, highest in 2 years

The average benchmark 30-year fixed mortgage rate has surpassed 7 percent, reaching 7.03 percent according to data from Freddie Mac. This figure increases from the previous week's average of 6.95 percent.

This development marks the fifth consecutive weekly rise in mortgage rates. Furthermore, it is the first time the benchmark rate has exceeded the 7 percent threshold since January 2025.