Top Stories · October 8, 2026
Average long-term US mortgage rate rises to highest level in nearly 3 years
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Neutral Summary
The average 30-year fixed-rate mortgage in the U.S. rose to 7.40% this week, marking its highest level since November 2023. This increase represents the seventh consecutive weekly rise, driven largely by bond market volatility, inflation concerns, and geopolitical tensions. Higher rates have contributed to a significant slump in the housing market, with home sales hitting a 30-year low and mortgage applications continuing to decline.
The average 30-year fixed-rate mortgage in the U.S. rose to 7.40% this week, marking its highest level since November 2023. This increase represents the seventh consecutive weekly rise, driven largely by bond market volatility, inflation concerns, and geopolitical tensions. Higher rates have contributed to a significant slump in the housing market, with home sales hitting a 30-year low and mortgage applications continuing to decline.