The 30-year mortgage rate inched up for the fifth week in a row, Freddie Mac says, making it more expensive to take on a mortgage.

Mortgage rates rose again for the sixth straight week, with the average 30-year fixed-rate note topping 7% for the first time since May as the housing market continues to struggle.

Mortgage rates rose above 7% for the first time since mid-2024, an early setback for a housing market that is coming off two consecutive years of poor sales. The average rate on the standard 30-year fixed mortgage rose to 7.

Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges.

The Fed is tapping the brakes on interest rate cuts because inflation remains stubbornly high. That's pushed mortgage rates higher.

The interest rate on 30-year mortgages rose last week to an eight-month high, extending an upward trend that’s squeezing would-be homebuyers already facing rising house prices and limited supply. The average rate on the most popular home loan reached 7.

The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months. The rate rose to 7.04% from 6.93% last week, mortgage buyer Freddie Mac said Thursday.