After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.

For now, expectations for interest rate cuts in 2025 are relatively limited. This may limit the potential for lower mortgage rates.

Mortgage rates are quickly approaching 7% again, after rising each of the first two weeks in January. Nationally, it means the household income now required to afford the typical starter home is $70,164,

Mortgage rates continue to climb, jumping Friday to end the week at a new 7-month high. Rates rose for almost every other new purchase loan type as well.

US mortgage rates topped 7% last week, reaching the highest level since early May and extending a months-long advance that risks restraining the housing market.

Mortgage rates are hovering close to 7 percent, but there are still options for securing a rate in the 3 percent range or lower.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.09% from 6.99%. Applications to refinance a home loan were 22% higher than the same week one year ago.