[US 30-Year Mortgage Rates Rise for Fourth Consecutive Week, Approaching 7%] Fannie Mae said in a statement on Thursday that the average interest rate for a 30-year fixed mortgage in the US rose to 6.95%, up from 6.76% a week earlier. This is the first time the rate has reached this level since January 2025. In comparison, the rate was 6.26% a year ago. For potential homebuyers who had hoped for easing mortgage burdens by 2026, a mortgage rate approaching 7% is undoubtedly the latest blow. Following the Federal Reserve's 25 basis point rate hike on Wednesday, the market is also beginning to realize that borrowing costs may not decline significantly in the short term. Rising homeownership costs are becoming one of the core issues in the upcoming November midterm elections. Meanwhile, although the Trump administration is trying to boost the housing market through measures such as bond purchases and deregulation, the possibility of a rapid recovery in the housing market is becoming increasingly slim. Intercontinental Exchange estimates that for a typical family purchasing a home with an average price of $440,000, mortgage payments at current borrowing costs would represent 31% of median household income, the highest level since July 2025. Meanwhile, the homebuilder confidence index fell sharply this month to its lowest level in a year.
