Mortgage rates hit highest point since 2023 as Treasury yields rise
The average 30-year fixed-rate mortgage rose to 7.28%, the highest level in nearly three years. Freddie Mac reported this increase from 7.03% the previous week. Rising Treasury yields and bond market turmoil are driving the spike. In response, some homebuyers are seeking riskier loan options, such as adjustable-rate mortgages, or making larger upfront payments to keep rates below 7%. While borrowing costs climb, some regional markets, such as the Philadelphia area, are seeing an increase in available home inventory.
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- ✓ The average 30-year fixed-rate mortgage rose to 7.28%
- ✓ Mortgage rates have reached their highest point since 2023
- ✓ The current average rate of 7.28% is an increase from 6.34% one year ago
- ✓ Rising Treasury yields are contributing to the increase in mortgage rates
What changed
The benchmark 30-year fixed-rate mortgage jumped to 7.28% from 7.03% in one week.
Live updates
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US Mortgage Rates Reach Highest Level Since 2023
The average 30-year fixed-rate mortgage rose to 7.28%, the highest level in nearly three years. Freddie Mac reported this increase from 7.03% the previous week. Rising Treasury yields and bond market turmoil are driving the spike. In response, some homebuyers are seeking riskier loan options, such as adjustable-rate mortgages, or making larger upfront payments to keep rates below 7%. While borrowing costs climb, some regional markets, such as the Philadelphia area, are seeing an increase in available home inventory.
Why it matters
Mortgage rates are closely tied to Treasury yields, which have recently approached 24-year highs. This trend increases the monthly cost of homeownership and can reduce overall buyer affordability. The shift toward adjustable-rate loans indicates a growing appetite for risk among buyers unable to afford fixed rates.
What is confirmed
- The average 30-year fixed-rate mortgage rose to 7.28%
- Mortgage rates have reached their highest point since 2023
- The current average rate of 7.28% is an increase from 6.34% one year ago
- Rising Treasury yields are contributing to the increase in mortgage rates
Still unconfirmed
- Mortgage rates closed in on 7.6% on a Tuesday as Treasury yields moved higher
- The Nasdaq 100 hit records as AI spending lifted Big Tech despite high yields
What to watch next
- October FOMC meeting decisions regarding interest rate pauses
- Treasury yields approaching the 6% mark for the 10-year note
- Further shifts in home inventory levels in major metropolitan markets
confidence 95%Sources used for this update (15)
- www.nbcnews.com — Mortgage rates hit highest point since 2023 as Treasury ...
- NBC News — Mortgage rates hit highest point since 2023 as Treasury yields rise
- The New York Times — Mortgage Rates Keep Climbing, Leading Some Buyers to Riskier Loans
- nypost.com — Mortgage rates hit 7.28% — highest level in nearly 3 years
- CNN — Mortgage rates just hit 7.28%. But there are ways to get a lower rate | CNN Business
- www.nytimes.com — As Mortgage Rates Hit Highest Level Since 2023, Buyers Look ...
- www.cnn.com — Mortgage rates just hit 7.28%. But there are ways to get a ...
- Yahoo Finance — Mortgage and refinance interest rates today, Friday, October 2, 2026: Rates spike just before the weekend
- NBC10 Philadelphia — More homes hit Philadelphia-area market as mortgage rates climb
- www.latimes.com — Mortgage rates rise to the highest level in nearly 3 years at ...
- www.deseret.com — Mortgage rates just hit a 3-year high – Deseret News
- finance.yahoo.com — Best mortgage rates of October 2026
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