Average long-term US mortgage rate rises to highest level in nearly 3 years
Summary
The average long-term U.S. mortgage rate has risen to 7.40%, the highest level in nearly three years, continuing an upward trend for seven weeks. Higher mortgage rates are making it more expensive to buy or refinance homes, which is slowing down the housing market.Key Facts
- The 30-year fixed mortgage rate increased to 7.40% from 7.28% last week.
- One year ago, the 30-year rate was 6.30%.
- The 15-year fixed mortgage rate also rose to 6.73% from 6.60%.
- Mortgage rates have been rising since the start of the war between the U.S. and Iran in February 2026.
- Rising oil prices and inflation worries contribute to higher mortgage rates.
- Mortgage rates move in line with the 10-year Treasury yield, which hit its highest level since 2002 at 5.29%.
- The higher rates add about $376 more per month for a $400,000 home loan compared to earlier this year.
- Mortgage applications and refinance requests have dropped as the higher rates make borrowing more expensive.
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