US 30-year fixed mortgage rate rose 1bp to 7.50% in the week ended Oct. 9, the
highest since Nov. 2023, the Mortgage Bankers Association said Wednesday. The
rate has climbed nearly 100bps since end-June. MBA’s purchase index fell 4% in
the week, marking a sixth straight weekly decline and the longest run of drops
since July–August 2023. Existing-home sales data from the National Association
of Realtors showed a slight increase but reflect closed deals signed before the
recent surge in borrowing costs. NAR chief economist Lawrence Yun said higher
rates mean Q4 home closings are likely to decline and could fall sharply.
