US 30-Year Fixed Mortgage Rate Rises to 7.49%

The average rate for a 30-year fixed mortgage in the United States has risen to 7.49%, marking the highest level in nearly three years. The Mortgage Bankers Association (MBA) announced on the 7th (local time) that the weekly mortgage rate, which ended on the 2nd, reached 7.49%, an increase of 0.19 percentage points from the previous week. This is the highest figure since November 2023. The yield on the US 10-year Treasury bond surpassed 5.3% earlier this week, reaching its highest level in 24 years, closely correlating with mortgage rates. Concerns about inflation and strong economic growth indicators are driving up Treasury yields. Mortgage rates have increased by about 1.4 percentage points since the attack on Iran in February, with the 10-year Treasury yield rising by a similar margin during the same period. Inflation continues to rise, and the Federal Reserve has hinted at further interest rate hikes. High rates are dampening demand for home loans, with mortgage applications falling by 4.2% last week compared to the previous week. The total volume of mortgage applications is at its lowest level since February of last year, down about 50% compared to January of this year.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.