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30-year fixed mortgage rate tops 7% for the first time in over a year

The average rate on the 30-year fixed mortgage crossed over 7% for the first time in more than a year, as home prices continue to rise and sales drop.

30-year fixed mortgage rate tops 7% for the first time in over a year
Homes in Pinole, California, US, on Thursday, Sept. 3, 2026.

Davis Paul Morris | Bloomberg | Getty Images

The average rate on the popular 30-year fixed mortgage crossed over 7% on Thursday for the first time since May 2025, hitting 7.07%, according to Mortgage News Daily. That is an increase of 10 basis points from Wednesday. A basis point equals 0.01%.

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury. It rose again Thursday as oil prices surged higher. a  reading that showed prices rose 0.4% in August, which was in line with Dow Jones consensus estimates.

"It's been a rough couple of days for the bond market," said Matthew Graham, chief operating officer at Mortgage News Daily. "Yesterday, it was [Treasury Secretary] Bessent and the reaction to the Treasury buyback announcement. Today it is an overnight surge in oil prices and a lackluster reaction to the Producer Price Index (PPI). "

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Mortgage rates have been rising since the start of the Iran war. Rates hit a low of 5.99% the day before the war started. For comparison, for a buyer purchasing a $430,000 home (right around the national median price), using a 30-year fixed loan with a 20% down payment, their monthly payment of principle and interest would be $244 higher today than it was at the end of February.

Stocks of the U.S. homebuilders were already moving lower Thursday, after showed sales falling and home prices rising, even amid higher supply.

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Reported by Diana Olick · Syndicated via official news feed

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