Mortgage rates rose above 7% for the first time since mid-2024, an early setback for a housing market that is coming off two consecutive years of poor sales. The average rate on the standard 30-year fixed mortgage rose to 7.

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.

The 30-year mortgage rate inched up for the fifth week in a row, Freddie Mac says, making it more expensive to take on a mortgage.

Long-term mortgage rates crossed the 7% mark for the first time since May 2024, the latest Freddie Mac Primary Mortgage Survey showed. 30-year fixed-rate mortgages averaged 7.04% as of January 16, up from 6.

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.