30-year fixed mortgage rate spikes Thursday to 7.45%
The average 30-year fixed mortgage rate in the U.S. has climbed to 7.45% following a surge in 10-year Treasury yields. Market experts note that rising inflation concerns and Federal Reserve policy shifts are contributing to the ongoing volatility in housing costs.
Why it matters
Rising mortgage rates significantly impact housing affordability and cooling demand in the real estate market, affecting both prospective buyers and investors.
Mortgage rates rose sharply Thursday, as bond yields surged, with the average rate on the 30-year fixed hitting 7.45%, according to Mortgage News Daily. While other outlets, like Freddie Mac, reported Thursday morning that the rate had just crossed 7%, that report was an average of the last week.
Rates rose Thursday morning, when Mortgage News Daily ran its daily survey of brokers and lenders, but as the yield on the 10-year Treasury moved even higher in the afternoon, it re-ran its survey and found rates had moved even higher. Since the day before, they were up 19 basis points, from 7.26%
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