Mortgage Rates Exceed 7% for First Time Since 2025

Mortgage rates have risen above 7% for the first time since early 2025, driven by increased Treasury yields and energy shocks related to the U.S.-Iran conflict. The average 30-year fixed mortgage rate reached 7.03% for the week ending September 24, marking the highest level in 20 months and reflecting broader economic pressures and inflation concerns. Despite these rate increases, the housing market shows signs of resilience, supported by high property values and homeowner equity, although sales and pending transactions have declined.

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