US Mortgage Rates Hit 7.4%, Highest Level in Nearly 3 Years
Macro·2 articles across 2 outlets·↩ Updated
Story updated Rewritten when the story materially grows; the wire is checked every 15 minutesAbout this data
US mortgage rates have risen for the seventh consecutive week, with the average 30-year fixed-rate mortgage climbing to 7.4 percent. This increase is attributed to surging Treasury yields, elevated energy prices, and anticipated tightening by the Fed.
The rise in mortgage rates is putting additional pressure on Americans looking to buy homes, as demand for home purchases has significantly decreased. Mortgage applications to purchase a home have plunged, while applications to refinance have collapsed.
Sources
Every quote below is verbatim from the article it is attributed to.
SourceReports the news
“Benchmark borrowing costs continue to climb against backdrop of surging Treasury yields, elevated energy prices and expected tightening by Fed”
FT — US mortgage rates rise for seventh straight week to hit highest since 2023“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.”
fast company — Average U.S. mortgage rate hits highest level in nearly 3 years“The average 30-year fixed-rate mortgage rose to 7.4 percent, putting more pressure on Americans struggling to afford to buy a home.”
ny times — Highest Mortgage Rates in 3 Years Chills the Housing Market“Mortgage applications to purchase a home plunged and to refinance a home collapsed.”
wolf street — Mortgage Rates Jump to 7.5%, Home Buyers Pull Back Further, Demand Sags
Earlier versions
- Oct 8, 4:38 PM — US Mortgage Rates Rise For Seventh Straight Week To Hit Highest Since 2023 (1/1)