US mortgage rates hit their highest level in three years
Summary
U.S. mortgage rates have reached their highest point in almost three years, rising to an average of 7.49% for a 30-year fixed loan. This increase has caused mortgage applications to fall to their lowest level since February 2025, as higher borrowing costs make buying or refinancing homes less attractive.Key Facts
- The average 30-year fixed mortgage rate increased by 0.19 percentage points to 7.49% for the week ending October 2.
- Mortgage applications dropped by 4.2% from the previous week and are nearly half of what they were at the start of the year.
- Mortgage rates are linked to U.S. Treasury bond yields, which have risen to their highest levels in over two decades.
- Recent tensions involving Iran and rising oil prices have contributed to increasing Treasury yields and mortgage rates.
- Inflation has risen by 3.4% compared to last year, putting more pressure on mortgage rates.
- The cost of living is a major concern for voters just before the midterm elections.
- About 47% of voters say the cost of living is the most important issue for the midterms.
- Only 17% of voters approved of President Donald Trump’s handling of cost-of-living issues in a recent poll.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.