Freddie Mac said the average 30-year mortgage rate rose to 7.03% on Sept. 24.
Why it matters: Higher borrowing costs are making it harder for would-be buyers to afford homes and are weakening refinance demand. The trend is also weighing on homebuilders and mortgage lenders.
- Freddie Mac said the average 30-year fixed mortgage rate was 7.03% on Sept. 24, up from 6.95% a week earlier.
- The reading was the highest since January 2025, according to Freddie Mac.
- The Mortgage Bankers Association said mortgage applications fell 1.5% in the week ending Sept. 18, after a 4.1% drop the week before.
- NAHB said builder sentiment weakened as higher rates reduced buyer traffic in many parts of the country.
Freddie Mac said the average 30-year fixed mortgage rate rose to 7.03% on Sept. 24, up from 6.95% the week before. The latest reading marked the highest level since January 2025, according to Freddie Mac's weekly survey.
The Mortgage Bankers Association said mortgage applications fell 1.5% in the week ending Sept. 18, after a 4.1% decline in the prior week. The MBA's weekly survey points to weaker refinance activity as rates stay elevated. MBA's Sept. 23 update
Homebuilders are also seeing softer demand. The NAHB said builder sentiment fell on higher interest rates and costs, with buyer traffic weakening in many parts of the country.
By the numbers
- 7.03% - Freddie Mac's average 30-year fixed mortgage rate on Sept. 24.
- 1.5% - Mortgage applications fell in the week ending Sept. 18, after a 4.1% decline the prior week.