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Mortgage rates top 7% for the first time in more than 2 years, MBA data shows
- On Friday, Sept. 18, the average 30-year fixed mortgage rate climbed to 7.12%, reaching its highest level since 2024 according to the Mortgage Bankers Association.
- Rising mortgage costs follow the Federal Reserve's quarter-point rate hike to the 3.75%-4.00% range, while higher global oil prices pushed up Treasury yields that underpin residential borrowing costs.
- Colorado home sales fell 11.3% in August as high rates chilled the market, with pending contracts dropping 3.7% year over year amid affordability concerns.
- Adjustable-Rate mortgages now account for 9.8% of applications as borrowers seek lower upfront costs to manage immediate affordability pressure.
- Despite the challenging backdrop, analysts identify value in housing stocks like Dream Finders Homes and Walker & Dunlop for investors with a 5-10-year time horizon.
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29 Articles
29 Articles
US 30-year mortgage rate climbs to 7.12% as borrowing costs surge - The Tribune
The average US fixed 30-year mortgage rate jumped to 7.12 per cent, reaching its highest level in more than two years, according to Reuters. The surge followed a short-term policy interest rate hike by the Federal Reserve aimed at curbing persistent inflation, alongside rising oil prices that pushed up underlying residential borrowing benchmarks.
·Chandigarh, India
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The 30-year US mortgage rate rose 15 basis points to 7.12%, the highest level in more than two years, leading to a decline in demand for purchases and mortgage repayments.
·Tehran, Iran (Islamic Republic of)
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Coverage Details
Total News Sources29
Leaning Left2Leaning Right5Center9Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
13%
C 56%
R 31%
Factuality
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