US 30-year fixed-rate mortgage rate jumps to 7.40%
TLT•The average US 30-year fixed mortgage rate rose to 7.40% from 7.28% last week, its highest level since November 2023. Higher energy prices and inflation concerns have pushed up Treasury yields, and the rate could increase further.
1. Mortgage rate rises
The average rate on a US 30-year fixed-rate mortgage climbed to 7.40% this week, Freddie Mac said, up from 7.28% last week and the highest level since November 2023.
2. Treasury yields climb
The article says the US-Israeli war with Iran is fanning inflation through higher energy prices, driving up longer-term Treasury yields. The benchmark 10-year Treasury yield, which mortgage rates track, has risen to a 24-year high. The average 30-year mortgage rate has increased 142 basis points since the war started at the end of February.
