Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
The 30-year fixed rate rose to 7.30%, and the Mortgage Bankers Association said purchase and refinance applications fell 6% last week.
- 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 and the highest level since November 22, 2023.
- Turmoil in the bond market drove the 10-year Treasury yield to 5.27% in midday trading Thursday, as investors cite concerns over the Iran war and government spending as primary drivers of volatility.
- Prospective homebuyers now face an additional $276 monthly for a $400,000 loan compared to late February, while the National Association of Realtors reported existing-home sales fell 2% in August to 3.98 million units.
- Adjustable-Rate mortgages accounted for 10.3% of applications, the highest share since October 2025, according to Mortgage Bankers Association Deputy Chief Economist Joel Kan, while 66% of builders reported using sales incentives like rate buydowns.
- Elevated inflation above the Federal Reserve's 2% target will likely keep rates high, with investors expecting at least one more interest rate hike this year to lower inflation.
159 Articles
159 Articles
Amid a tight market with mortgage rates at their highest levels, buyers are protecting their budget from fluctuations
US mortgage rate churns upward to its highest level in nearly 3 years at 7.28%
Associated Press: NEW YORK (AP) — The average long-term U.S. mortgage rate remained above 7% this week, reaching 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. A year ago, the average rate was 6.34%. This is the sixth week in a row that mortgage rates have increased. The average rate is now the highest it’s been since Nov. 22, 2023, …
Average mortgage rate churns upward to its highest level in nearly three years
The average long-term U.S. mortgage rate remained above 7% this week, reaching 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. A year ago,…
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