US 30-Year Mortgage Rate Surges Past 7%, Highest Since May 2024

The average interest rate on 30-year fixed mortgages in the United States continued its upward trend, surpassing 7% to reach its highest level in about two years.

According to the Mortgage Bankers Association (MBA) yesterday local time, the average contract interest rate for a 30-year fixed-rate mortgage rose 15 basis points (1 bp = 0.01 percentage point) to 7.12% for the third week of September.

This is the highest level since May 2024.

According to Reuters, the last time the 30-year mortgage rate exceeded 7% was in late January 2025, just days after President Donald Trump's reinauguration.

Following the outbreak of the US-Iran war in late February, mortgage rates have risen by more than 1 percentage point.

The rise in mortgage rates increases monthly repayment burdens for homebuyers, diminishes purchasing power, and can cause buyers to delay purchasing homes.

This is adding pressure to an already sluggish US housing market.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.