Mortgage rates reached a grim milestone this week, topping 7% for the first time since January 2025 and reaching their highest level during either of Donald Trump’s presidential terms.
The average 30-year fixed mortgage rate climbed to 7.03% this week, up from 6.95% last week, according to data released Thursday by Freddie Mac.
It’s the fifth-straight week of rising mortgage rates, putting a deeper squeeze on housing affordability. Higher rates mean larger monthly payments and less purchasing power for buyers.
“Beyond the immediate financial constraints, the 7% threshold is a foreboding psychological barrier,” said
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