The national average for a 30-year fixed-rate mortgage rose to 6.99%, its highest level since June 2025 and more than 20 basis points above late-August levels. The increase takes the average more than 80 basis points above its 6.16% low in late February, extending a prolonged period of costly home borrowing. Rich Martin, senior vice president of retail lending at Curinos, said markets are adopting a higher-for-longer interest-rate outlook after the Federal Reserve did not signal a strong likelihood of near-term easing. He cited uncertainty over inflation, economic growth and the Iran conflict as additional pressure on mortgage rates. On a $350,000, 30-year mortgage, a 7% rate produces an estimated principal-and-interest payment of about $2,330 a month, compared with about $2,155 at 6.25%. The rise follows a Mortgage Bankers Association report showing total mortgage applications fell 2.7% in the week ended September 4 as its 30-year contract rate reached 6.85%.