The daily average 30-year fixed-rate mortgage rate crossed 7 percent on Thursday for the first time since May last year.
The rate was at 7.07 percent on Thursday, and rose to 7.12 percent on Friday, according to data from Mortgage News Daily. After crossing the 6.5 percent level on May 12 this year, the rate has stayed above it every day since then.
Rising rates have impacted mortgage applications, with the number of applications down 2.7 percent for the week ending Sept. 4, according to a statement from the Mortgage Bankers Association (MBA).
Joel Kan, MBA’s deputy chief economist, said in the statement that higher rates have affected applications for refinancing homes, which have fallen to their “slowest weekly pace since May 2025.”…