US 30-Year Mortgage Rates Hit 7.03%, Highest Level Since Trump's Return to Office

The average rate on the popular 30-year fixed-rate mortgage in the United States climbed to 7.03 per cent as of Thursday, according to data from mortgage finance giant Freddie Mac. That marks the highest average level recorded since January 16 of last year, just days before Donald Trump returned to the White House. A year earlier, the same rate stood at 6.30 per cent, underscoring a sharp increase over twelve months. The milestone of exceeding 7.0 per cent arrives as American voters confront elevated costs of living in the weeks leading up to key midterm elections in November. Affordability has emerged as a major concern for the electorate during the campaign period. The data was released on Thursday, drawing attention to the intersection of housing costs and national politics.