The average U.S. 30-year mortgage rate rose to 7.03%, topping 7% for the first time since January 2025 and further limiting buyers’ purchasing power.

Florida housing inventory fell by double digits in August, helping support prices even as sales slowed, Florida Realtors Chief Economist Dr. Brad O’Connor said.

The rate on 30-year fixed rate mortgages rose to 6.95% from 6.76% last week, while 15-year rates increased to 6.26% from 6.09% last week, Freddie Mac said.

Fake sellers increasingly target vacant land and absentee-owned properties, prompting agents and title firms to strengthen identity checks.