US 30-Year Mortgage Rate Surges Past 7 Percent
The average US 30-year fixed-rate mortgage climbed to 7.12 percent last week, reaching a two-year high following a Federal Reserve interest rate increase and rising Treasury yields. The surge in borrowing costs has depressed both home purchase and refinancing applications.
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The average United States 30-year fixed mortgage rate jumped 15 basis points to 7.12% in the week ended September 18, crossing the 7% threshold for the first time in over two years. The surge follows the Federal Reserve raising short-term borrowing costs and rising oil prices driving up Treasury yields. It marks the highest borrowing cost for home loans since May 2024, placing renewed pressure on the housing market with midterm congressional elections approaching.
