Freddie Mac Lifts 30-Year Mortgage Rate to 7.4% in 7th Straight Weekly Rise
Updated
Updated · Fox Business · Oct 8
Freddie Mac Lifts 30-Year Mortgage Rate to 7.4% in 7th Straight Weekly Rise
2 articles · Updated · Fox Business · Oct 8
Summary
The average 30-year fixed mortgage rate climbed to 7.4% from 7.28%, marking a seventh consecutive weekly increase and the highest level since November 2023.
Freddie Mac linked the move to higher bond yields: the 10-year Treasury averaged 5.28% this week, up 9 basis points from the prior week.
Joel Berner of Realtor.com said inflation expectations, a broad bond-market selloff and rising fiscal deficits that require more debt issuance are all pushing yields — and mortgage rates — higher.
The average 15-year fixed rate also rose, to 6.73% from 6.6%, adding to affordability pressure in a housing market already strained by elevated home prices and weaker sales.