30-year fixed mortgage rate tops 7% for the first time in over a year

JUST IN: The average 30-year fixed US mortgage rate tops 7% for the first time since May 2025, hitting 7.07%, as oil prices surge and home sales drop.

Seven point zero seven percent. The average 30-year fixed mortgage just crossed seven for the first time since May 2025, up ten basis points in a single day.

Blame the bond market. Mortgage rates track the ten year Treasury, and that yield keeps climbing as oil rips higher on the war. The Treasury's own buyback announcement from Secretary Bessent didn't help either, and a producer inflation print that landed exactly on forecast gave bonds no comfort at all.

Here's what it means for an actual buyer. On a median priced home, around 430 thousand dollars with twenty percent down, your monthly payment is now 244 dollars higher than it was at the end of February. Rates were at 5.99 the day before the war started. Homebuilder stocks slid, existing home sales are falling, and prices are still rising anyway.

Seven percent used to be the ceiling. Right now it looks like the floor.

This is Liu Yang, reporting for HIT.