Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%

The average long-term U.S. mortgage rate has risen above 7% for the first time since January 2025. This increase marks the fifth consecutive week of rate hikes for a 30-year fixed-rate home loan.

The continuous upward trend represents a significant affordability setback for prospective homebuyers across the United States, impacting the broader housing market.