Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
Refinance demand fell 9% as higher Treasury yields and inflation worries kept borrowing costs elevated, according to the Mortgage Bankers Association.
- 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.
248 Articles
248 Articles
The Toronto Star
Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a row
Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years.
Mortgage rates in the United States hit their highest level in nearly three years as the average rate on 30-year fixed-rate loans rose to 7.49 percent. The increase was 19 basis points in the week to Oct. 2, data from the Mortgage Bankers Association showed. Higher borrowing costs have led to a further decline in demand. Mortgage applications fell 4.2 percent from the previous week and hit their lowest level since February 2025. Applications hav…
Stroud News & Journal
Mortgage rates hit 6 per cent as £80,000 borrowing gap leaves buyers facing a shock
Mortgage rates have hit 6 for the first time in three years as sub-5 deals plunge. Buyers also face an £80,000 gap between mortgage calculators.
Fixed mortgage interest rates have risen significantly in the past month, according to a compilation of banks' average interest rates.
US mortgage rates jump to 7.49%, hit highest level in nearly 3 years
In a notable shift, US mortgage rates have climbed to an alarming 7.49 percent, the peak since November 2023. This increase has further strained the housing market as the election period looms. Mortgage applications saw a 4.2 percent decline last week, reaching their lowest point since February 2025, highlighting ongoing affordability challenges for potential buyers and resulting in fewer refinancing requests amid persistent inflation and econom…
The average interest rate on mortgage loans in the United States has risen to its highest level in about three years, with the interest rate on United States Treasury bonds rising for 10 years.
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