Florida approved home insurance rate cuts of up to 10.4% for more than 62,000 policies, while Citizens urged homeowners facing increases to shop for coverage.

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.