US 30-year mortgage rate tops 7%, hits 2-year high
Economic Times 2 hrs ago·23 Sept 2026, 2:36 pm
The average 30-year mortgage rate has climbed above 7%, reaching its highest level since May 2024. This increase is largely driven by the Federal Reserve's continued efforts to control inflation through higher interest rates. Consequently, the cost of borrowing for homebuyers and those looking to refinance has risen sharply.
This surge in rates is dampening activity in the housing market. Home purchase applications have fallen, and many borrowers are now opting for adjustable-rate mortgages to manage their monthly payments. While this news primarily impacts the real estate sector, it signals that the broader economy remains under the influence of sticky inflation and monetary tightening.
Excerpt from Economic Times
The average 30-year mortgage rate reached 7.12%, its highest since May 2024, marking a significant increase. This rise follows the recent Federal Reserve interest rate hike aimed at controlling inflation. As borrowing costs climb, refinancing and home purchase applications have decreased significantly. The surge in…Read the original at Economic Times
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