U.S. mortgage rates climbed for a seventh straight week as the 30-year fixed rate rose 19 bps to 7.49% in the week ended Oct. 2, its highest level since November 2023. The 30-year rate has jumped about 50 bps over the past three weeks, the fastest pace since early 2023, intensifying pressure on U.S. housing affordability and weighing on existing- and new-home sales. The Mortgage Bankers Association (MBA) said its purchase applications index fell 2.1% to the weakest level in over a year, while th

U.S. mortgage rates climbed for a seventh straight week as the 30-year fixed rate rose 19 bps to 7.49% in the week ended Oct. 2, its highest level since November 2023. The 30-year rate has jumped about 50 bps over the past three weeks, the fastest pace since early 2023, intensifying pressure on U.S. housing affordability and weighing on existing- and new-home sales. The Mortgage Bankers Association (MBA) said its purchase applications index fell 2.1% to the weakest level in over a year, while the refinance index dropped 7.5%, extending a decline that began in mid-August.