30-Year Mortgage Rate Jumps to 7.45% as Bond Yields Rise
publishers 4articles 5first reported 24 Sep, 16:00 UTCdeveloping since 24 Sep · 4 editions
The average rate on a 30-year fixed mortgage surged to 7.45% on Thursday, its highest level since April 2024, according to Mortgage News Daily. The rate rose 19 basis points from 7.26% a day earlier as bonds sold off and Treasury yields climbed.
Freddie Mac reported Thursday morning that mortgage rates had crossed 7%, based on an average for the previous week. Mortgage News Daily’s survey of brokers and lenders initially showed a sharper daily increase, then found rates had moved higher still after rerunning the survey as the 10-year Treasury yield continued to rise in afternoon trading.
Mortgage News Daily Chief Operating Officer Matthew Graham said rates first broke 7% on Sept. 10 after inflation reports increased the perceived risk of the Federal Reserve rate increase delivered the following week. He attributed subsequent pressure to Federal Reserve comments, higher oil prices and stronger economic data, while saying there was no clear catalyst for Thursday afternoon’s bond selloff.
The 30-year fixed rate had fallen as low as 5.99% in late February before beginning to rise around the start of the war with Iran. The latest increase comes as the housing market faces high home prices, weak consumer confidence and lean supply of affordable homes.
HOW THIS STORY WAS MADE
Written from 5 articles, 1 with the publisher's own text; 4 independent newsrooms once syndicated copies count as one; this version written 5 h after the record first saw the story; the editor revised it.
- Publishers
- 4
- Source articles
- 5
- Given to the writer
- 5, 1 with the article's own text
- Independent newsrooms
- 4
- This version written
- 5 h after the record first saw the story
- Second model (editor)
- revised
- Publication gate
- passed
- Human review
- none
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →