Freddie Mac said the average 30-year fixed mortgage rate held steady at 7.40% this week, its highest level since Nov. 16, 2023, ending a seven-week climb and up from 6.27% a year ago. The 15-year fixed rate eased to 6.71% from 6.73%. Mortgage rates generally follow the 10-year Treasury yield, which has risen since late February when the U.S. war with Iran began, pushing up oil prices and inflation. The Mortgage Bankers Association said applications fell 2.7% last week, while adjustable-rate loans reached 10.5% of applications, a one-year high. Fannie Mae projects the 30-year rate will average 7.4% in the final quarter of this year and 7.5% in 2027.
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Original headline: Average long - term mortgage rate holds at 7 . 4 %, remaining at high level
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- Average long - term mortgage rate holds at 7 . 4 %, remaining at high level
- Average long - term mortgage rate holds at 7 . 4 %, remaining at high level
The average 30-year fixed mortgage rate held steady at 7.40% this week, unchanged from last week, according to Freddie Mac, its highest since November 2023 and up from 6.27% a year ago. The 15-year fixed rate eased to 6.71% from 6.73%, ending a seven-week climb in the 30-year average. Rates have risen since late February, when the U.S. war with Iran began and pushed up oil prices and inflation, while the 10-year Treasury yield pulled back to 5.10% from its highest level since 2002. Home sales remain stalled, mortgage applications fell 2.7% last week per the MBA, and adjustable-rate loans reached 10.5% of applications, the highest in a year. Inflation data came in above expectations, and CME Group data show the odds of a December Fed rate hike rising to 64.6% from 49.9% a month earlier.
- Average Long - Term US Mortgage Rate Holds At 7 . 4 %, Remaining At Highest Level In Nearly 3 Years – 710am KURV
Mortgage rates held steady this week, with the average 30-year fixed rate unchanged at 7.40%, its highest level since Nov. 16, 2023, ending a seven-week climb according to Freddie Mac. The 15-year rate eased to 6.71% from 6.73%, while the 30-year average was 6.27% a year earlier. Rates have risen since the U.S. war with Iran began in late February, tracking a 10-year Treasury yield that pulled back to 5.10% from above 5.30% earlier this month. The 1.42-point increase in the rate translates to about $376 more per month on a $400,000 loan, and mortgage applications fell 2.7% last week. Traders put the odds of a Fed rate hike in December at 64.6%, up from 49.9% a month ago, and Fannie Mae projects the 30-year rate will average 7.4% in the final quarter of this year and 7.5% in 2027.
- Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years
The average 30-year fixed US mortgage rate held at 7.40% this week, unchanged from last week and the highest since November 2023, according to Freddie Mac, ending a seven-week climb. The 15-year fixed rate eased to 6.71% from 6.73%. Mortgage rates have risen since late February, when the US war with Iran began, pushing up oil prices and inflation. The 10-year Treasury yield pulled back to 5.10% from above 5.30% earlier this month, but remains well above its 3.97% level before the war. The 1.42-point rise since the 5.98% low in late February adds roughly $376 a month to a $400,000 loan, and home sales remain stalled.
- Average long - term US mortgage rate holds at 7 . 4 %
The average 30-year fixed US mortgage rate held unchanged at 7.40% from last week, according to Freddie Mac on Thursday. That is the highest level since November 16, 2023, when it was 7.44%, and up from 6.27% a year ago. The reading ended a seven-week climb. The 15-year fixed rate eased to 6.71% from 6.73%, compared with 5.52% a year earlier. Rates generally follow the 10-year Treasury yield and are shaped by inflation, Federal Reserve policy and bond investor expectations. They have risen since late February, when the US war with Iran began and pushed up oil prices and inflation, while bond market volatility has lifted Treasury yields. Higher rates have kept US home sales stalled this year, adding hundreds of dollars in monthly costs and limiting buyers' purchasing power.
- Average long - term US mortgage remains at highest level in nearly 3 years
The average rate on the benchmark 30-year fixed mortgage held at 7.40% this week, unchanged from last week but above 6.27% a year ago and the highest since Nov. 16, 2023 (7.44%), ending a seven-week climb. The 15-year fixed rate eased to 6.71% from 6.73%. Rates have risen since late February, when the U.S. war with Iran began and pushed up oil prices and inflation, and the 10-year Treasury yield, at 5.10%, remains well above its 3.97% pre-war level. Home sales have stalled largely due to higher rates, mortgage applications fell 2.7% last week, and adjustable-rate loans reached 10.5% of applications, a one-year high. An economist at Realtor.com said mortgage rates are unlikely to ease soon, while Fannie Mae projects 7.4% for the final quarter of this year and 7.5% in 2027.
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