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.
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Original headline: Average long - term US mortgage rate holds at 7 . 4 %
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- Average long-term mortgage rate holds at 7.4%, remaining at high level
The benchmark 30-year fixed mortgage rate held at 7.40% this week, unchanged from last week but at its highest since November 16, 2023, ending a seven-week climb; a year ago it was 6.27%. 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 was 5.10% after topping 5.30% earlier this month. The 1.42-percentage-point increase since then roughly adds $376 a month for a $400,000 loan. Adjustable-rate mortgages accounted for 10.5% of applications, the highest in a year, while traders put the odds of a December Fed rate hike at 64.6%.
- Average long - term mortgage rate holds at 7 . 4 %, remaining at high level
Freddie Mac reported the 30-year fixed mortgage rate was unchanged at 7.40% this week, the highest since November 16, 2023, ending a seven-week rise; a year ago it was 6.27%. The 15-year fixed rate eased to 6.71% from 6.73%, compared with 5.52% a year earlier. Rates have climbed 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 above 5.30% earlier this month. Mortgage applications fell 2.7% last week, and adjustable-rate loans reached 10.5% of applications, the highest in a year. Markets now see a 64.6% chance of a Federal Reserve rate hike by December, up from 49.9% a month ago, and Fannie Mae projects 7.4% on average in the final quarter of this year and 7.5% in 2027.
- Average long - term mortgage rate holds at 7 . 4 %, remaining at high level
- 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 %, 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 remains at highest level in nearly 3 years
Freddie Mac reported the average 30-year fixed mortgage rate held at 7.40% this week, its highest since Nov. 16, 2023, ending a seven-week climb but up from 6.27% a year ago. 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, while the 10-year Treasury yield pulled back to 5.10% from above 5.30%, still well above 3.97% before the war. A 1.42-point rise translates to about $376 more per month on a $400,000 loan, and markets now see a 64.6% chance of a Fed rate hike in December, up from 49.9% a month ago.
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