Mortgage rates climbed to their highest level in more than a year this week, Freddie Mac reported Thursday.
Read more Son of former NFL player, RHOA star indicted in sex assault case
By the numbers:
The average rate for a 30-year fixed mortgage rose to 6.71%, up from 6.66% last week, according to Freddie Mac’s latest Primary Mortgage Market Survey. It was the highest average rate since July 31, 2025, when the 30-year mortgage rate reached 6.72%.
RELATED: Ranked: The best US cities for home buyers in 2026, according to data
The average rate was 6.5% a year ago.
What they’re saying:
“Purchase demand has remained relatively stable indicating steady interest from buyers adapting to evolving market conditions,” said Sam Khater, Freddie Mac’s chief economist.
Dig deeper:
The average rate for a 15-year fixed mortgage also increased, rising to 6.04% from 5.98% last week.
Mortgage rates are influenced by several factors, including Federal Reserve policy and geopolitical developments. Although mortgage rates are not directly tied to the Fed’s interest-rate decisions, they generally track the 10-year Treasury yield, which hovered around 4.74% Thursday afternoon.
Read more JetBlue unveils new first-class seating for domestic flyers
Rates have increased since the conflict between the U.S. and Iran began earlier this year.
RELATED: Wealthy Americans are moving to this country as ‘golden visa’ demand surges
“The Middle East conflict has put upward pressure on oil prices, fueling inflation and pushing it further from the Fed’s 2% target,” said Realtor.com senior economist Jiayi Xu. “When the conflict appeared to be nearing resolution, bond yields declined and mortgage rates followed suit. But the latest escalation in Middle East tensions has driven oil prices higher, reviving inflation concerns and pushing yields and mortgage rates back up.”
Read more K9 alert leads to $19,000 cash seizure from Dominican Republic-bound travelers in Philadelphia