The average rate on the 30-year fixed mortgage crossed over 7% for the first time in more than a year, as home prices continue to rise and sales drop.

US mortgage applications fell 2.7% as 30-year fixed rates climbed to 6.85%, nearing 7%. Freddie Mac reports the highest rate since July 2025.

Mortgage rates rose for the third week in a row, pushing the average long-term U.S. home loan rate to its highest level in over 14 months