The average top-tier 30-year fixed mortgage rate rose to 7.22% Tuesday, with the most commonly quoted rate at 7.25%—the highest level since January 2025.
That six-day run has lifted rates by 0.33 percentage point, the sharpest jump since October 2024, as recent economic data and oil-price pressures reshaped expectations for Fed policy.
Markets are heavily betting the Federal Reserve will raise rates at Wednesday's scheduled announcement, though some analysts still dispute that a hike is certain.
Mortgage rates may not move in lockstep with the Fed decision: longer-term borrowing costs have recently diverged from fed-funds expectations, and investors will parse the full policy message, not just hike-hold-cut.