Macro EconomyMedium•8 October 2026•
1 min read
US Mortgage Rates Hit 7.4% in Seventh Consecutive Weekly Increase
Key Facts
1The average rate on a 30-year fixed mortgage rose to 7.4% according to Freddie Mac data.
2Mortgage borrowing costs are now at their highest levels since 2023 following seven straight weeks of increases.
The average rate on a 30-year fixed mortgage rose to 7.4% according to Freddie Mac data reported by Fox Business. This marks the seventh consecutive weekly increase in borrowing costs, pushing rates to their highest levels since 2023. Data also showed that the average rate on a 15-year fixed mortgage climbed to 6.73% during the same period.
The surge is driven by upward pressure from 10-year Treasury yields, which averaged 5.28% this week. Fox Business reported that a combination of inflation expectations and a broad bond market selloff is pushing yields higher, with mortgage rates following. This trend persists amid expectations of continued tight monetary policy from the Federal Reserve to manage elevated energy prices and inflation.