The average rate on the popular 30-year fixed mortgage crossed over 7% on Thursday, September 10th for the first time since May 2025. That is an increase of 10 basis points from the day before.
Mortgage rates have been rising since late February, when the Iran conflict began. Rates hit a low of 5.99% the day before the war started.
To illustrate this effect, for a buyer purchasing a $430,000 home (near the median price) after qualifying for a 30-year fixed loan with a 20% down payment, their monthly payment of principal and interest would be $244 higher today than it was at the end of February.
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