The average rate on a 30-year fixed mortgage has climbed above 7%, its highest level since January 2025, according to Freddie Mac data cited by multiple outlets. The Hill reported the benchmark rate at 7.03 percent, up from 6.95 percent the previous week, marking the fifth consecutive weekly rise.
The Guardian attributed the increase to a Federal Reserve decision to raise interest rates, which it said was made in response to high inflation, and noted this was the Fed's first rate hike since 2023. Other outlets did not specify this cause.
Outlets described the rise as a setback for the housing market, which has already faced years of elevated interest rates and limited housing supply. CNN characterized the development as a blow to the housing market, while NPR examined what the change means for prospective homebuyers.
According to the New York Post, rising mortgage rates are adding further strain on first-time homebuyers, with the outlet reporting that New York City ranks as the fifth-hardest metro area for such buyers.
The Epoch Times reported a higher rate figure of 7.49 percent, differing from the 7.03 percent figure cited by The Hill and Freddie Mac data referenced elsewhere, without specifying the source of its figure.
How each side covered it
Left
- Reports emphasized rates climbing for a fifth consecutive week to top 7%, per Freddie Mac data.
- The Guardian tied the increase to the Fed's decision to raise interest rates amid high inflation.
- Coverage highlighted the toll on ordinary Americans, citing high prices and stagnant wages alongside housing market strain.
- NPR framed the story around what the rate increase means practically for prospective homebuyers.
“US mortgage rates top 7% for first time in 20 months” — The Guardian
Center
- The Hill reported the 30-year fixed mortgage rate reached 7.03%, up from 6.95% the prior week, citing Freddie Mac.
- Coverage noted this marks the fifth straight weekly rise and the highest rate in two years.
- The Wall Street Journal focused on how the housing market is expected to shift as a result of the rate increase.
“Benchmark mortgage rate tops 7 percent, highest in 2 years” — The Hill
Right
- Fox Business reported the 30-year fixed mortgage rate rose to 7.03%, citing Freddie Mac data released Thursday.
- The Epoch Times cited a higher figure of 7.49% and framed the piece as a practical explainer.
- The New York Post highlighted the added strain on first-time homebuyers, ranking NYC among the hardest metros to buy in.
“NYC ranks fifth-hardest metro for first-time homebuyers — 7% mortgage rates are squeezing them even more” — New York Post
Questions readers ask
What happened with US mortgage rates?
The average 30-year fixed mortgage rate rose above 7% this week, the first time since January 2025, according to Freddie Mac data reported by multiple outlets including The Hill and The Guardian.
Why are mortgage rates rising?
The Guardian attributed the increase to a Federal Reserve decision to raise interest rates in response to high inflation, marking the Fed's first hike since 2023. Other outlets did not specify a cause.
How does this affect homebuyers?
Outlets including NPR and CNN reported the rate increase adds strain to a housing market already affected by high rates and low supply. The New York Post reported that rising rates are further squeezing first-time homebuyers, particularly in New York City, which it ranked the fifth-hardest metro for this group.
Do all sources agree on the exact mortgage rate?
No. The Hill reported a rate of 7.03 percent based on Freddie Mac data, while The Epoch Times reported a rate of 7.49 percent, and sources did not reconcile the discrepancy.
What did left- and right-leaning outlets focus on?
Left-leaning outlets emphasized the Federal Reserve's rate hike and the broader impact on struggling homebuyers, while right-leaning outlets focused on the specific rate figures and effects on first-time buyers in high-cost metro areas like New York City.
Sources · 11 outlet reports
- CNNLeft-leaningIn blow to housing market, mortgage rates now topping 7%
- Los Angeles TimesLeft-leaningMortgage rates climb for fifth week, pushing 30-year home loan above 7%
- NPRLeft-leaningMortgage rates are over 7%. What it means for would-be homebuyers
- The GuardianLeft-leaningUS mortgage rates top 7% for first time in 20 months
- MarketWatchCenter8% mortgage rates are ‘not an impossibility’ as the 30-year fixed rate surges
- The HillCenterBenchmark mortgage rate tops 7 percent, highest in 2 years
- The Wall Street JournalCenterMortgage Rates Just Hit 7%. Here’s How the Housing Market Is About to Change.
- Deseret NewsRight-leaningMortgage rates just keep climbing
- Fox BusinessRight-leaningMortgage rates top 7% for first time since early 2025
- New York PostRight-leaningNYC ranks fifth-hardest metro for first-time homebuyers — 7% mortgage rates are squeezing them even more
- The Epoch TimesRight-leaningUS Mortgage Rates Hit 7.49 Percent: What to Know