US 30-Year Mortgage Rate Holds at 7.4%, Highest Since 2023, After Seven Straight Weeks of Increases

The average 30-year fixed mortgage rate held steady at 7.4% in the week ending October 15, pausing a seven-consecutive-week climb that marks the highest level since 2023. Rates have surged sharply from 6.65% in August, a gain of 75 basis points in roughly ten weeks, deepening an affordability crisis defined by elevated borrowing costs and near-record home prices.

The stalled rate offered little practical relief to prospective buyers. Mortgage applications fell 2.7%, their sixth straight weekly decline, according to the Mortgage Bankers Association, underscoring how sustained high borrowing costs are suppressing demand across an already struggling housing market.