US 30-year mortgage rates top 7%, highest in Trump presidency

U.S. mortgage rates have surpassed the 7% threshold, data revealed on Thursday, marking their highest point since Donald Trump's presidency resumed. The 30-year fixed-rate mortgage averaged 7.03% as of Thursday, a significant jump from 6.30% in the same period last year. This is the highest average level since January 16, 2022, just days before Trump returned to the White House, according to Freddie Mac data.

Affordability is a pressing issue for American voters as they prepare to cast their ballots in the crucial midterm elections in November. The ongoing war in the Middle East, triggered by U.S.-Israel strikes on Iran in late February, has driven up fuel prices as Tehran retaliated by obstructing a crucial waterway for energy transit.

The soaring costs of regular gasoline and diesel, which American households and agricultural and transportation sectors rely on, respectively, have put strain on consumers and businesses alike. Consequently, the higher diesel costs could potentially impact the world's largest economy more deeply.