US Mortgage Rates Climb to Highest Since 2023

The US 30-year fixed-rate mortgage averaged 7.4% as of October 8th, 2026, rising further above 7% to reach its highest level since November 2023 and up from 7.28% in the previous week. This marks the seventh consecutive week with rate increases, as an intensifying selloff in the bond market amid expectations of higher-for-longer interest rates has kept 10-Year Treasury yields at their highest level in decades. Mortgage rates tend to closely track these these sovereign yields, pushing borrowing costs higher for homebuyers. A year ago, the the 30-year fixed-rate mortgage averaged 6.3%. Meanwhile, the 15-year fixed-rate mortgage averaged 6.73%, its highest level since May 2024, up from 6.6% last week.

The US 30-year fixed-rate mortgage averaged 7.28% as of October 1, 2026, the highest level since November 2023, up from 7.03% the previous week and 6.34% a year earlier. The housing market continues to be supported by favorable economic conditions as mortgage rates remain elevated, Freddie Mac Chief Economist Sam Khater said. The 15-year fixed-rate mortgage averaged 6.60%, up from 6.42% a week earlier.

The US 30-year fixed-rate mortgage averaged 7.03% as of September 24th, 2026, rising above 7% for the first time since January 2025 and up from 6.95% in the previous week. Following increasing concerns over inflationary pressures, broader selloffs in the global government debt market pushed the 10-Year Treasury note above 5% to the highest level in nearly two decades. As a result, a climb in mortgage rates continues to weigh on prospective homebuyers. Although lacking any particular economic significance, economists refer to the threshold as a psychological ceiling. A year ago, the the 30-year fixed-rate mortgage averaged 6.3%. Meanwhile, the 15-year fixed-rate mortgage averaged 6.42%, its highest level since May 2024, up from 6.26% last week.