US mortgage rates brush 7%, weighing on buyers, sellers and further straining a bleak housing market

US mortgage rates have climbed close to 7%, putting further pressure on an already sluggish housing market. The average 30-year fixed mortgage rate rose to 6.95%, its highest level since January 2025. Higher borrowing costs are squeezing affordability, delaying purchases and raising concerns about a further slowdown in home sales.

This story was originally reported by Economic Times — Markets. As an automated real-time news aggregator, NewsToolBar provides multi-perspective indexing and AI summarization while directing full readership directly to primary publisher sources.