Senator Chris Murphy introduced the Living Wage For All Act, a bicameral bill designed to raise the federal minimum wage from $7.25 to $25 per hour through a phased rollout. The legislation addresses the gap between stagnant wages and rising living costs by mandating a significant increase in the wage floor over the next decade.

The bill requires large corporate employers to implement a $25 hourly wage by 2032, granting smaller businesses until 2039 to meet the requirement. Additionally, the proposal mandates automatic future increases by tying the federal minimum wage to two-thirds of the national median wage. This mechanism aims to ensure wages keep pace with broader earnings trends.

Legislative Support and Provisions

The Living Wage For All Act has garnered support from several Democratic lawmakers. In the Senate, the bill is co-sponsored by Senator Richard Blumenthal, Andy Kim, and Ron Wyden. Companion legislation was introduced in the House of Representatives by Representatives Delia C. Ramirez, Analilia Mejia, Jesus "Chuy" Garcia, and Lateefah Simon.

Beyond raising the base wage, the legislation seeks to gradually eliminate subminimum wages for tipped workers, workers with disabilities, and youth workers. This provision ensures all workers eventually move toward the same wage floor.

Economic Context and Impact

The federal minimum wage has remained at $7.25 since 2009. According to Murphy’s office, worker productivity has risen by roughly 92% since 1979, while wages have increased by less than 34%. Supporters argue that if the minimum wage had tracked with inflation and productivity since 1968, it would have reached approximately $25 by 2023.

The proposal has drawn support from major labor and civil rights organizations, including One Fair Wage, the NAACP, the Service Employees International Union, and the National Education Association. Critics, however, warn that aggressive wage hikes could lead to reduced hiring, fewer hours, and higher prices, particularly affecting small businesses and lower-skill jobs.

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) for the week ending June 25, 2026, showing the 30-year fixed-rate mortgage (FRM) averaged 6.49%. The 15-year FRM averaged 5.84% during the same period. The survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with a 20% down payment and excellent credit.

Sam Khater, Freddie Mac’s Chief Economist, noted that the average 30-year fixed mortgage rate was little changed this week at 6.49%. Rates have remained relatively stable over the last six weeks. Purchase activity eased modestly, while refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels.

The 30-year FRM averaged 6.49% as of June 25, 2026, up from last week when it averaged 6.47%. A year ago at this time, the 30-year FRM averaged 6.77%. The 15-year FRM averaged 5.84%, up from last week when it averaged 5.81%. A year ago at this time, the 15-year FRM averaged 5.89%.

Mortgage Rate Averages

Freddie Mac’s mission is to make home possible for families across the nation by promoting liquidity, stability, and affordability in the housing market throughout all economic cycles.