The average 30 year fixed mortgage rate rose 12 basis points to 7.40% in Freddie Mac's October 8 survey, its seventh weekly increase in a row, Joel Berner wrote for Realtor.com. A year earlier the rate was 6.30%. It's the highest level since November 2023.
Bond yields are driving the climb. The 10 year Treasury yield averaged 5.28%, up 9 basis points for the week and at its highest level since 2002. Inflation worries, a broad bond selloff and growing federal borrowing are pushing yields higher. Berner wrote that the Federal Reserve looks unlikely to cut rates soon, despite a weak September jobs report.
Pending home sales fell from a year earlier in both August and September, even before rates crossed 7%. Sellers are cutting prices at a pace not seen in four years. For buyers paying cash, prices are down 1.4% from a year ago and the number of homes for sale is up 5.4%.
Source: Mortgage Rates Jump For Seventh Straight Week to 7.40%, Realtor.com, by Joel Berner, October 8, 2026. This is a short summary written by Brazil Floors. All facts, figures and quotes belong to the original report, so read the full story at the link.
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