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ABC News (US)
· collected 2026-10-08 · by ALEX VEIGA AP business writer
Mortgage rates in the U.S. climbed for the seventh consecutive week, reaching 7.40% for the benchmark 30-year fixed-rate mortgage, the highest since November 2023. One year ago, this rate was at 6.30%. The increase reflects rising inflation and economic volatility due to the conflict with Iran, affecting homebuyers' purchasing power and leading to a decline in housing market activity.
Written locally by qwen2.5:14b on 2026-10-08,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
US mortgage rates reached their highest level in nearly three years as of October 2, jumping to 7.49 percent for a 30-year fixed-rate mortgage, according to the Mortgage Bankers Association’s report. This spike comes amid rising concerns over the cost of living ahead of the midterm elections. The rate increase led to a 19 basis point rise from the previous week and caused mortgage applications to drop by 4.2 percent, marking their lowest level since February 2025. Freddie Mac reported that borrowing costs also rose for 15-year fixed-rate mortgages, increasing to 6.73 percent from 6.60 percent. The surge in rates has significantly curtailed homebuyer activity and refinancing incentives, with potential borrowers stepping back due to higher monthly payments.
Written for “US Mortgage Rates Rise” on 2026-10-08,
grounded in this article and the 1 other(s) covering the same event.
Average long-term US mortgage rate rises to highest level in nearly 3 years
Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years
Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years.
asserted
rates → rise → years
The benchmark 30-year fixed-rate mortgage climbed to 7.40% from 7.28% last week, mortgage buyer Freddie Mac said Thursday.
asserted
Mac → fix → %
The housing market has been stuck in a rut this year in large part because of rising mortgage rates, which can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power and prompting many to put off buying a home.
asserted
which → stick → home
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week.
asserted
costs → fix → loan
That average rate increased to 6.73% from 6.60% last week.
asserted
rate → increase → %
Mortgage rates have been climbing in the months since the start of the U.S. war with Iran in late February.
asserted
rates → climb → February
The recent run-up in rates also reflects heightened bond market volatility as surging oil prices due to the war fuel inflation worries.
asserted
prices → reflect → worries
Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors.
asserted
Rates → influence → factors
They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
asserted
lenders → follow → loans
The 10-year Treasury yield has risen to its highest level since 2002 because of worries about high inflation, big government debt loads and other factors.
asserted
yield → rise → inflation
That's well above its 3.97% level from before the war with Iran began.
asserted
war → begin → Iran
In late February, the average rate on a 30-year mortgage briefly dipped to 5.98%, its lowest level going back to late 2022.
asserted
level → dip → 2022
The 1.42 percentage point increase in the rate since then translates roughly into an additional monthly cost of $376 for a borrower financing a $400,000 home loan at the current average rate.
asserted
increase → translate → rate
Depending on a borrower’s income, credit and other factors, they may qualify for a rate on a 30-year mortgage that is below or above the current average.
uncertain
that → depend → average
The U.S. housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows.
asserted
rates → begin → lows
Sales of previously occupied U.S. homes were essentially flat last year, stuck at a 30-year low.
asserted
Sales → occupy → low
Last month, the National Association of Realtors said that existing home sales fell 2% in August from July to a seasonally adjusted annual rate of 3.98 million units.
asserted
sales → say → units
The sharp rise in mortgage rates has many would-be homebuyers putting their home shopping plans on hold.
asserted
homebuyers → have → hold
Mortgage applications, which include loans to buy a home or refinance an existing mortgage, fell for the fifth week in a row last week as mortgage rates kept climbing, according to the Mortgage Bankers Association.
uncertain
rates → include → Association
Higher rates are also keeping many homeowners from refinancing their existing mortgage.
asserted
rates → keep → mortgage
Home loan refinance applications fell last week to their lowest level since January 2025 and were less than half last year’s pace, according to the MBA.
uncertain
applications → fall → MBA
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