Average 30-year fixed mortgage rates rose above 7% for the first time since October.

Closing Bell

Avg. 30-Year Fixed Rate Mortgage Rise, Topping 7%

We're buying a home, taking out a mortgage loan, just getting more expensive. As we talk about rates, mortgage news daily has the average 30 year fixed rate topping 7% today. The first time rates are above 7% since october. So to put it into perspective, a buyer purchasing a $400,000 home and putting 20% down will pay about $250 more a month on their mortgage today than if they got their mortgage a month ago. Mortgage rates are nearly double what they were this time last year, keeping many would be buyers out of the market, leading to lower home sales.