7% mortgage rates add pressure to Coachella Valley housing market

THOUSAND PALMS, Calif. (KESQ) — 30-year fixed-rate mortgages have risen to 7.03%, marking the first time they've climbed above 7% this year, according to Freddie Mac.

The last time they were above 7% was January 2025, but rates have been on a steady climb from their 52-week low of 5.98% in February.

Wells Fargo and U.S. Bank are currently listing rates at 7.375% for 30-year fixed-rate mortgages.

Tonight, News Channel 3 is speaking with an expert to learn more about how this impacts buyers, sellers and the future of homebuying in the Coachella Valley.