Seven Consecutive Weeks of Increase! US 30-Year Mortgage Rate Surges to 7.49%, Hitting a Nearly Three-Year High

According to Zhihu Finance APP, mortgage rates in the United States have risen for the seventh consecutive week, reaching their highest level in nearly three years and further aggravating the country's housing affordability issues.

Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that for the week ending October 2, the 30-year fixed mortgage rate rose by 19 basis points to 7.49%, the highest point since November 2023. Over the past three weeks, this rate has climbed about 0.5 percentage points in total, marking the fastest increase since early 2023.

Since the outbreak of the Iran war, rising energy costs and overall inflation have continued to push up the yield on 10-year U.S. Treasury bonds, which has a significant impact on mortgage rates. On Monday, the 10-year yield reached its highest level since 2002. Coupled with persistently high housing prices, increased mortgage rates have also dampened the momentum of both existing and new home sales.

The MBA Purchase Index, which measures mortgage application volume, fell 2.1%, sliding to its lowest level in more than a year. The MBA Refinance Index dropped 7.5%, extending the downward trend that began in mid-August.

The MBA survey has been conducted weekly since 1990, with samples collected from mortgage bankers, commercial banks, and savings institutions, covering more than 75% of all U.S. retail residential mortgage applications.