Economy & Trade
US mortgage rates top 7%, highest since Trump return
The average US 30-year fixed mortgage rate rose above 7 percent as of Thursday, reaching its highest level since Donald Trump returned to the presidency, Freddie Mac data showed.
The popular 30-year fixed-rate mortgage averaged 7.03 percent, up from 6.30 percent at the same point a year earlier. Freddie Mac said it was the highest average since January 16 last year, just days before Trump returned to the White House.
The increase adds pressure on prospective homebuyers in a housing market already strained by higher borrowing costs since the Covid-19 pandemic.
A separate Commerce Department report showed that sales of new US homes rose 6.4 percent in August from the previous month, reaching a seasonally adjusted annual rate of 684,000. Despite the monthly increase, sales were 2.0 percent below their level in August 2025.
The mortgage-rate rise comes as US voters face high living costs before November midterm elections. Fuel prices have risen after war in the Middle East, and higher diesel costs are adding pressure on businesses and consumers. The Federal Reserve this month raised interest rates for the first time since 2023 as it sought to fight inflation.
Update
Freddie Mac put the average 30-year fixed mortgage rate at 7.03 percent, the highest average since January 16 last year.
The Commerce Department said new US home sales rose 6.4 percent in August to a seasonally adjusted annual rate of 684,000.
August new home sales were 2.0 percent below their level a year earlier.
The item adds context on higher fuel prices, inflation pressure and the Federal Reserve raising interest rates this month.
Source note: AFP news report published on 24 September 2026 at 16:33:09 UTC.
Source
AFP news report published on .