Mortgage rates are back above 7%. How much higher could they climb?

Updated on: September 24, 2026 / 1:47 PM EDT / CBS News

House hunters are facing a fresh affordability crunch as mortgage rates hit 7% this week, marking their highest level in almost two years. The coming weeks aren't likely to offer any relief, with some experts telling CBS News that borrowing costs could continue to rise.

Rates are "far more likely to go up than down by the end of the year or in the next month or two," Jake Krimmel, senior economist at Realtor.com, told CBS News.

Data from Freddie Mac released on Thursday shows that the average 30-year fixed-rate mortgage is now 7.03%, the highest since January 2025. Rates have increased by more than a full percentage point since the end of February, when they briefly dipped below 5%.

Separate data from the Mortgage Bankers Association (MBA), issued on Thursday, shows that the 30-year fixed-rate mortgage hit 7.12% the week ending Sept. 18.

"Higher inflation, the prospect of tighter monetary policy, potentially stronger economic growth and ballooning federal debt have pushed up mortgage rates," Joel Kan, vice president and deputy chief economist for the MBA, said in an email.

The 30-year fixed-rate mortgage tends to follow the…

Original source: https://www.cbsnews.com/moneywatch/