Home Buying Becomes a Luxury as 10-Year Treasuries Push Mortgage Rates to 7.17%
Freddie Mac said borrowing costs have jumped 74 basis points in ten weeks, deepening the lock-in effect and cooling sales as inventory rises.
- On Monday, the average rate on a 30-year fixed mortgage climbed to 7.17%, its highest level in nearly two years, after the 10-year Treasury yield rose to 5.04%.
- Lenders price long-dated home loans off that benchmark, and the move has been fast; the same 30-year rate sat at 6.43% ten weeks ago as the bond market priced in sticky inflation.
- On a $400,000 mortgage, principal and interest run about $2,710 a month at 7.17%, versus roughly $2,525 at 6.43%, costing homeowners nearly $2,200 more per year.
- Brent Myers, director for the Greater Fort Worth Association of Realtors, said the increase was anticipated, noting "the fact that the rates are up a little bit, there's going to be less competition for houses."
- Justin Landon, president and CEO of the Metro Texas Association of Realtors, noted that homeowners insurance costs have skyrocketed, saying these expenses have "a much greater impact on affordability than interest rates are.
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Mortgage rates rocket above 7% just months after falling below 6% - The Daily Bo Snerdley
American homebuyers are facing sharply higher borrowing costs after a widely watched mortgage rate measure surged above 7% Tuesday, reversing much of the relief borrowers saw earlier in 2026. The average 30-year fixed mortgage rate reached 7.22% Tuesday, up from 7.17% Monday and hitting a 52-week high, according to Mortgage News Daily. The surge comes less than seven months after Freddie Mac’s benchmark 30-year rate fell below 6% for the first t…
Home Buying Becomes a Luxury as 10-Year Treasuries Push Mortgage Rates to 7.17%
Treasury yields just cracked a level not seen since 2007, and the ripple hitting your mortgage payment could be enough to knock you out of the market entirely before the leaves finish falling.
Average 30-year mortgage rate in the U.S. was rated at 7.17%30-year mortgage rate in the U.S. rises to 7.17% and 15 years to 6.70%, pressured by Treasures and MBS
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