US 30-Year Mortgage Rate Climbs to 6.97% as Loan Demand Weakens

3 articles · Updated · Yahoo Finance · Sep 16

The 30-year US mortgage rate rose 12 basis points to 6.97% in the week ended Sept. 11, its highest level since May 2025 and another blow to a sluggish housing market.
Rising energy prices have fueled inflation concerns since the Iran war began, pushing Treasury yields higher; mortgage rates, which closely track the 10-year yield, have followed.
Loan demand softened as borrowing costs climbed, with the MBA purchase index slipping 0.8% from the prior week and the refinance index dropping 8.8% to its lowest since May 2025.
The Federal Reserve is expected to raise interest rates on Wednesday for the first time since 2023, a move that does not directly set mortgage rates but could further ripple through bond markets.