Mortgage Rates Climb to Highest Level in a Year

The average long-term U.S. mortgage rate rose to its highest level in a year at 6.66%, dealing another setback to prospective homebuyers. The benchmark 30-year fixed-rate mortgage rate increased from 6.58% last week, according to Freddie Mac.

This marks the fourth consecutive week of rising rates and is the highest it's been since July 31, 2025, when it was also at 6.72%. The upward trend has weighed on home sales this year, with seasonally adjusted sales of previously occupied U.S. homes up only 0.7% from January to June compared to the same period last year.

Mortgage rates are influenced by several factors, including the Federal Reserve's interest rate policy decisions and bond market investors' expectations for the economy and inflation. The 10-year Treasury yield was at 4.66% on Thursday, up from 3.97% in late February before the Iran war broke out.