cost-of-living

Mortgage Rates Cross 7 Percent Again While Gasoline Holds Above $4.48

Published September 28, 20265 min read

Suburban house with a blank for-sale sign beside a gas pump nozzle at dusk — Mortgage rates crossed 7% again this week, matching a gasoline price still running 43.6% above last year — a one-two hit to household budgets that Wednesday's PCE report could deepen. Illustration: MarketIntelLabs

The 30-year fixed mortgage averaged 7.03 percent in Freddie Mac's survey for the week of September 24, the first print above 7 percent since January 2025, and it arrived in the same month the EIA's weekly gasoline survey crossed $4.48 a gallon. The two numbers together describe the squeeze this column tracks: the cost of borrowing a house and the cost of moving through the week are both running at levels last seen in 2022, while the incomes paying for them grew about 4 percent over the year. This is the week of September 28 in household costs, in dollars.

Key Takeaways The Freddie Mac 30-year fixed averaged 7.03 percent for the week of September 24, up from 6.95 the prior week and the first p…

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