Mortgage rates rose to more than 7% for the first time since January 2025, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.03% from last week’s reading of 6.95%.

The average rate on a 30-year loan was 6.3% a year ago.

AMERICA’S BEST AND WORST CITIES FOR HOUSING AFFORDABILITY RANKED

The average rate on a 15-year fixed mortgage climbed to 6.42% from last week’s reading of 6.26%.

THE US CITIES WHERE HOME PRICES ARE FALLING THE FASTEST

Mortgage rates are affected by several factors, including the Federal Reserve…

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