Impact of Rising Mortgage Rates on the Housing Market

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October 6, 2026
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Rising mortgage rates are affecting the housing market by discouraging potential buyers. This presents a challenge for President Trump and the GOP as they approach the midterms.

The average 30-year fixed mortgage rate reached 7.28 percent last week, according to Freddie Mac. This is the highest rate since November 2023. The average rate increased by a quarter point from the previous week, marking the largest weekly increase in over four years.

These rate hikes contribute to a challenging economic environment for Trump and Republicans. Inflation is above 3 percent and fuel prices remain high due to the ongoing Iran conflict.

Economy and cost-of-living issues are vital for voters in 2026, according to GOP strategist Matt Gorman.

Lawrence Yun, chief economist at the National Association of Realtors, links the rise in mortgage rates to increased energy prices due to the Iran conflict. Inflation, measured by the personal consumption expenditures price index, rose from 2.8 percent in February to 3.4 percent in August, according to the Bureau of Economic Analysis.

For more details, visit TheHill.com.

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