US 30-Year Mortgage Rate Reaches Highest Since November 2023
The rate rose 1bp to 7.50% in the week ended Oct. 9, nearly 100bps higher than at end-June. MBA’s purchase index fell 4% for a sixth consecutive weekly decline, its longest such run since July–August 2023. NAR economist Lawrence Yun said higher rates make Q4 home closings likely to decline and could cause a sharp fall.