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2026-09-18 01:06:09
US mortgage rates rose for the fourth consecutive week, nearing 7%, a level that could put even greater pressure on borrowers in an already stagnant US housing market. Freddie Mac said in a statement Thursday that the average rate for a 30-year fixed-rate mortgage rose to 6.95% from 6.76% a week earlier. This is the highest level since January 2025. In comparison, it was 6.26% a year ago. For potential homebuyers hoping for some relief in 2026, mortgage rates approaching 7% are frustrating. Moreover, the Federal Reserve's 25-basis-point rate hike on Wednesday suggests that borrowing costs are unlikely to fall in the short term. The increasing burden of homeownership is becoming a central issue in the upcoming November midterm elections. Despite the Trump administration's attempts to prop up the housing market through bond purchases and deregulation, the likelihood of a rapid recovery is increasingly slim. “This is simply a drop in the ocean, and it’s too late,” said Brad Case, chief residential economist at Homes.com. “Voters are unhappy about affordability, whether it’s homebuyers, renters, or everyone who fills the gas tank.” The Intercontinental Exchange estimates that mortgage payments for an average $440,000 home will be equivalent to 31% of median household income, the highest since July 2025. Meanwhile, homebuilder confidence fell to a one-year low this month.
