U.S. 30-year mortgage rate holds at 7.4%, unchanged for eight consecutive weeks.

Freddie Mac data released on Thursday showed that the average rate on the U.S. 30-year fixed mortgage held at 7.4%, close to its highest level since November 2023 and up from 6.27% a year earlier. U.S. mortgage rates have not fallen for eight consecutive weeks, the longest streak since 2021, during which they have risen by a cumulative 75 basis points. The rapid rise in borrowing costs is forcing sellers to cut prices and dampening homebuying demand.