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Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
The benchmark 30-year fixed loan has climbed for six straight weeks as bond-market turmoil pushes borrowing costs higher, Freddie Mac said.
- 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.
- Turmoil in the bond market is driving rates higher as investors worry the Iran war and increased government spending could stoke inflation, pushing the 10-year Treasury yield upward.
- In September, 66% of builders reported using sales incentives like rate buydowns and closing-cost credits, while the rate increase adds roughly $276 monthly to a $400,000 loan.
- According to the Mortgage Bankers Association, adjustable-rate mortgages accounted for 10.3% of applications last week, while 15-year fixed-rate mortgages climbed to 6.60% from 6.42%.
- This marks the highest average rate since November 22, 2023, when it reached 7.29%, as elevated borrowing costs have kept the housing market stagnant for much of this year.
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Mortgage rates just hit 7.28%. But there are ways to get a lower rate
By Samantha Delouya, CNN (CNN) — Mortgage rates keep going up. The average 30-year fixed mortgage rate was 7.28% this week, up from 7.03% last week, according to Freddie Mac data released Thursday. Mortgage rates have risen for six straight weeks, now reaching the highest level since November 2023. Turmoil in the bond market is
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Total News Sources11
Leaning Left4Leaning Right1Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 36%
C 55%
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