The average US 30-year fixed mortgage rate rose 15 basis points to 7.12% in the week ended September 18, its highest level since May 2024 and above 7% for the first time since late January 2025, according to the Mortgage Bankers Association. A separate Freddie Mac measure subsequently showed the rate at 7.03%, up from 6.95% for a fifth consecutive week and its highest reading since the week ending January 16, 2025. The increases followed the Federal Reserve's quarter-point rate hike to a 3.75%-4.00% target range, persistent inflation, higher oil prices linked to the U.S.-Israeli war with Iran and rising Treasury yields. Mortgage applications declined, the MBA's overall index reached a 15-month low and adjustable-rate mortgages accounted for 9.8% of applications. The borrowing-cost increase added to affordability concerns for the White House and Republicans six weeks before midterm elections, while a Reuters/Ipsos poll found that 17% approved of President Donald Trump's handling of the cost of living.