Average Mortgage Rates Climb to 7% Dominating Housing Market Concerns

The average rate on 30-year mortgages in the U.S. reached 7.04%, raising affordability issues for potential homebuyers and prolonging the housing slump.

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This story was covered by 5 sources. This shows the distribution of these sources: left-leaning (blue), center (gray), and right-leaning (red).

Business

Mostly Reliable

The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.

Balanced

Summary

A summary of the key points of this story, verified by multiple sources.

The average rate on a 30-year mortgage has increased to 7.04%, marking the highest level since May 2024 and contributing to a slowdown in home sales. This trend, coupled with increased borrowing costs on 15-year fixed mortgages (now at 6.27%), reflects rising bond yields and economic conditions. The Federal Reserve's cautious approach to rate cuts, due to high inflation, adds to buyer frustrations. Economists predict sustained high rates could continue affecting affordability in the housing market, which is experiencing limited inventory and rising prices.

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From the Right

A recap of the main views or arguments shared by right-leaning sources.

Mortgage rates have risen above 7% for the first time since May 2024, contributing to pressures on the housing market.
The rise in mortgage rates is driven by the underlying strength of the economy, influenced by federal policies and inflation concerns.
Despite the challenges facing homebuyers due to high prices and limited supply, there is some positive news with a reported increase in housing inventory.

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Highlights (5)

Excerpts from the underlying articles that best reflect each outlet's unique perspective on this story.

The rising mortgage rates, coupled with a persistently limited housing supply, are creating a perfect storm that is making homeownership increasingly unattainable for many Americans.
Mortgage rates top 7%, soar to highest level since May in latest blow to homebuyers
New York Post
Mostly Reliable
The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.
·Leans Right
The upward trajectory of mortgage rates is compounding the challenges faced by prospective homebuyers, creating a somber outlook for the housing market as it braces for potentially its worst sales year in nearly three decades.
Average rate on 30-year mortgage hits 7%, its fifth straight increase and highest level since May
Boston Herald
Mostly Reliable
The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.
·Leans Right
The continued rise in mortgage rates is casting a long shadow over the housing market, making home ownership increasingly elusive for many Americans.
Average rate on 30-year mortgage hits 7%, its fifth straight increase
ABC News
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The continuous rise in mortgage rates signals a troubling trend for the housing market, with the potential for a bleak year ahead as borrowing costs deter homebuyers and exacerbate the ongoing sales slump.
Average rate on 30-year mortgage hits 7% after 5th straight increase, now highest level since May
Associated Press
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The persistent rise in mortgage rates, now exceeding 7%, underscores the growing challenges facing the housing market amid an otherwise robust economic backdrop.
Mortgage rates rise above 7% for first time since May
Fox Business
Mostly Reliable
The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.
·Leans Right