US 30-Year Mortgage Rate Jumps 19 Basis Points to 7.49% as Treasury Yields Hit 24-Year High
Updated
Updated · Yahoo Finance · Oct 7
US 30-Year Mortgage Rate Jumps 19 Basis Points to 7.49% as Treasury Yields Hit 24-Year High
3 articles · Updated · Yahoo Finance · Oct 7
Summary
7.49% marked the average 30-year fixed mortgage rate in the week ended Oct. 2, up 19 basis points and the highest level since November 2023, according to the Mortgage Bankers Association.
10-year Treasury yields, which closely drive mortgage costs, topped 5.3% this week after oil-price-driven inflation worries and stronger US growth pushed them to a 24-year high.
4.2% fewer mortgage applications were filed last week, with refinancing dropping sharply as higher borrowing costs sidelined both existing homeowners and would-be buyers.
1.4 percentage points have been added to home borrowing rates since late February, while inflation ran at 3.4% in August and Fed officials still signal another rate hike by year-end.
Four weeks before the Nov. 3 elections, the affordability squeeze adds to cost-of-living pressure that Reuters/Ipsos polling shows is weighing on voters and Trump's 32% approval rating.