US 30-Year Mortgage Rates Breach 7% Threshold to Reach 7.03%

US 30-year fixed-rate mortgages have climbed to an average of 7.03% as of September 24, 2026, crossing above the 7% threshold for the first time in over one-and-a-half years. According to Freddie Mac data, the benchmark rate rose from 6.95% the prior week and stands well above the 6.30% recorded a year earlier. Simultaneously, the 15-year fixed rate climbed to 6.42% from 6.26%. The surge in borrowing costs comes as the 10-year Treasury yield reached levels not seen since 2007 following a Federal Reserve rate hike earlier this month, intensifying affordability pressures.