U.S. mortgage rates climb to highest level since 2023
publishers 24articles 27first reported 30 Sep, 11:00 UTCdeveloping since 30 Sep · 27 editions
The average U.S. rate on a 30-year fixed mortgage rose to 7.28% this week from 7.03% a week earlier, according to Freddie Mac. It was the sixth consecutive weekly increase, the largest one-week rise in nearly four years and the highest level since November 2023. The average was 6.34% a year ago.
A separate measure cited by NBC News put the average 30-year fixed rate at 7.54% late Thursday, slightly below Wednesday’s reading but still near a three-year high. Rates on 15-year fixed mortgages, often used for refinancing, also increased.
The rise followed a selloff in U.S. government bonds. The 10-year Treasury yield, which strongly influences mortgage pricing, reached as high as 5.34% Thursday amid investor concerns that higher energy costs and government spending could sustain inflation. The 30-year Treasury yield rose as high as 5.69%.
Higher borrowing costs are weighing on prospective buyers and refinancing demand while discouraging homeowners with older, lower-rate mortgages from moving. Costly home-equity loans and lines of credit are also making renovations harder to finance.
Some borrowers are turning to adjustable-rate mortgages, which recently accounted for 10.3% of applications, according to the Mortgage Bankers Association. Those loans offered rates about 0.8 percentage points below fixed-rate mortgages, but payments can rise after their initial fixed-rate periods expire. Shorter-term fixed mortgages and assumable government-backed loans can also offer lower rates, though they involve higher monthly payments or more complicated approvals.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 7 independent newsrooms once syndicated copies count as one; this version written 52 h after the record first saw the story; the editor revised it.
- Publishers
- 24
- Source articles
- 27
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 7
- This version written
- 52 h after the record first saw the story
- Second model (editor)
- revised
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and changed it before publication. Struck words were in the draft; underlined words are its corrections.
WHAT IT FLAGGED editor revise: Remove the unsupported description of NBC's mortgage-rate figure as a daily measure. - "A separate daily measure cited by NBC News put the average 30-year fixed rate at 7.54% late Thursday": The NBC source gives the late-Thursday 7.54% figure but does not identify it as a daily measure.
THE DRAFT AND THE CHANGES
U.S. mortgage rates climb to highest level since 2023
The average U.S. rate on a 30-year fixed mortgage rose to 7.28% this week from 7.03% a week earlier, according to Freddie Mac. It was the sixth consecutive weekly increase, the largest one-week rise in nearly four years and the highest level since November 2023. The average was 6.34% a year ago.
A separate daily measure cited by NBC News put the average 30-year fixed rate at 7.54% late Thursday, slightly below Wednesday’s reading but still near a three-year high. Rates on 15-year fixed mortgages, often used for refinancing, also increased.
The rise followed a selloff in U.S. government bonds. The 10-year Treasury yield, which strongly influences mortgage pricing, reached as high as 5.34% Thursday amid investor concerns that higher energy costs and government spending could sustain inflation. The 30-year Treasury yield rose as high as 5.69%.
Higher borrowing costs are weighing on prospective buyers and refinancing demand while discouraging homeowners with older, lower-rate mortgages from moving. Costly home-equity loans and lines of credit are also making renovations harder to finance.
Some borrowers are turning to adjustable-rate mortgages, which recently accounted for 10.3% of applications, according to the Mortgage Bankers Association. Those loans offered rates about 0.8 percentage points below fixed-rate mortgages, but payments can rise after their initial fixed-rate periods expire. Shorter-term fixed mortgages and assumable government-backed loans can also offer lower rates, though they involve higher monthly payments or more complicated approvals.
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 →