US 30-Year Mortgage Rate Tops 7%, Hits 2-Year High
- 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.
33 Articles
33 Articles
US 30-year Mortgage Rate Climbs to 7.12% as Borrowing Costs Surge
Get latest articles and stories on Business at LatestLY. 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. Business News | US 30-year Mortgage Rate Cl…
The Economic Times
Times of IndiaUS 30-year mortgage rate tops 7%, hits 2-year high
The average 30-year mortgage rate reached 7.12%, its highest since May 2024, marking a significant increase. This rise follows the recent Federal Reserve interest rate hike aimed at controlling inflation. As borrowing costs climb, refinancing and home purchase applications have decreased significantly. The surge in rates has resulted in more borrowers opting for adjustable-rate mortgages. Elevated oil prices and inflationary pressures are contri…
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.
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