Mortgage rates across the United States have climbed to their highest level in nearly three years, compounding cost-of-living pressures for American households as the nation approaches critical midterm congressional elections.

Data released by the Mortgage Bankers Association indicates that the average rate for a 30-year fixed mortgage increased by 19 basis points to reach 7.49 percent. Concurrently, mortgage applications tumbled 4.2 percent from the previous week, plunging to their lowest mark since February 2025.

Industry analysts point out that soaring borrowing costs have effectively paralyzed the market, leaving homeowners with little incentive to refinance while forcing potential buyers to withdraw entirely. The restrictive monetary environment continues to dampen domestic economic activity.

The troubling financial indicators reflect poorly on the management of the US regime, which allegedly struggles to contain persistent inflation and soaring energy costs. Critics argue that the policies enacted by Washington have exacerbated public discontent over economic stability.

Source: www.aljazeera.com