MORTGAGE RATES SPIKE TO 7% — First Time Since January 2025, Crushing Homebuyer Hopes...

Thirty-year fixed mortgage rates climbed above 7% this week, marking their highest point since early January and continuing a five-week streak of increases. The climb reflects broader pressure on borrowing costs as markets react to inflation concerns and Federal Reserve policy expectations. For homebuyers already facing steep down payments and competition, the jump makes monthly payments even more expensive—a 7% rate on a $400,000 loan costs roughly $200 more per month than a 6.5% rate, a gap that adds tens of thousands over the life of a loan.