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Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
The benchmark 30-year fixed loan has climbed for six straight weeks as bond-market turmoil pushes borrowing costs higher, Freddie Mac said.
- On Thursday, Freddie Mac reported the benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, marking the sixth consecutive weekly increase.
- Turmoil in the bond market is driving rates higher as investors worry the Iran war and increased government spending could stoke inflation, pushing the 10-year Treasury yield upward.
- In September, 66% of builders reported using sales incentives like rate buydowns and closing-cost credits, while the rate increase adds roughly $276 monthly to a $400,000 loan.
- According to the Mortgage Bankers Association, adjustable-rate mortgages accounted for 10.3% of applications last week, while 15-year fixed-rate mortgages climbed to 6.60% from 6.42%.
- This marks the highest average rate since November 22, 2023, when it reached 7.29%, as elevated borrowing costs have kept the housing market stagnant for much of this year.
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Mortgage rates soar to 7.28% — highest level in nearly 3 years
The average long-term US mortgage rate jumped this week to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, mortgage buyer Freddie Mac said Thursday.
·New York, United States
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Coverage Details
Total News Sources35
Leaning Left10Leaning Right3Center20Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 30%
C 61%
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