US 30-Year Mortgage Rate Hits 7.49%, Highest Since November 2023, in Seventh Straight Weekly Rise

The contract rate on a 30-year fixed mortgage climbed 19 basis points to 7.49% for the week ended October 2, its highest level since November 2023, according to Mortgage Bankers Association data. The seven consecutive weeks of increases have pushed rates up roughly half a percentage point over just the past three weeks, the steepest three-week advance since early 2023.

For borrowers on loans within the conforming balance ceiling of $832,750, the rate moved from 7.30% to 7.49%, while accompanying points, including origination fees, rose from 0.75 to 0.84 assuming a 20% down payment. The sustained climb has compounded an already severe affordability problem in the housing market, suppressing application volumes and pushing more buyers toward adjustable-rate products, which reached 9.8% of applications in mid-September.

Rates had crossed back above 7% for the first time since May 2024 in the week ended September 18, and the pace of increase since then has accelerated. The prolonged rise is weighing on housing activity broadly, with overall mortgage application volume having fallen sharply in prior weeks as affordability erodes further.