30-Year Mortgage Rates Hold at 7.4% for 8th Week as Inflation Fears Hit Home Sales
Updated
Updated · The New York Times · Oct 15
30-Year Mortgage Rates Hold at 7.4% for 8th Week as Inflation Fears Hit Home Sales
3 articles · Updated · The New York Times · Oct 15
Summary
Freddie Mac said the average 30-year fixed mortgage stayed at 7.4% for an eighth straight week, matching its highest level since 2023 and up from 6.27% a year ago.
September inflation of 3.7% and rising energy costs tied to the Iran war have fueled investor fears, lifting 10-year Treasury yields that feed through to mortgage borrowing costs.
Existing-home sales fell 2.2% in September from a year earlier, with the National Association of Realtors warning that higher rates are knocking more buyers out of qualification.
First-time buyers are under the heaviest strain as essentials absorb more income, and Oxford Economics said housing activity may not rebound until inflation eases, possibly next year or 2028.