The 30-year mortgage rate just crossed 7% for the first time in over a year

The 30-year fixed-rate mortgage jumped to 7.07% as of Thursday afternoon, crossing the 7% threshold for the first time in more than a year. The rate climbed 18 basis points in just two days, according to data cited by MarketWatch.

The sharp move higher adds fresh pressure to housing affordability and signals tightening financial conditions are once again weighing on the real estate market. Mortgage rates have been volatile in recent months as bond markets reprice expectations around Federal Reserve policy and inflation trends.

The spike above 7% reverses earlier relief seen in the mortgage market and puts home buyers back into territory last seen over a year ago. Higher borrowing costs typically slow home sales and put downward pressure on prices, particularly in rate-sensitive markets where buyers stretch to qualify.

The two-day surge reflects broader moves in Treasury yields, which serve as the benchmark for mortgage pricing. Any sustained hold above 7% could further dampen spring homebuying activity and weigh on homebuilder sentiment.