10/07/2026
Don’t wait to buy, the Mortgage Interest Rates will Continue Climbing.
Mortgage rates continued to be affected by changes in the bond market, reaching their highest level since November 2023. Rates continued to increase this week, with the average on the 30-year fixed rate mortgage hitting 7.58%, according to Mortgage News Daily.
According to the Mortgage Bankers Association's seasonally adjusted index, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased last week to 7.30% from 7.12%. Points rose to 0.75 from 0.73, including the origination fee, for loans with a 20% down payment.
Applications for new purchase financing fell 4% for the week and were 14% lower than the same week one year ago. Borrowers hesitated as interest rates rose, while home prices are still rising in many areas.
"Mortgage rates moved higher again on Tuesday as the bond market continues recalibrating expectations for Fed policy, economic growth, and inflation," wrote Matthew Graham, chief operating officer at Mortgage News Daily.
More home buyers are looking for savings, which translates into more applications for adjustable-rate mortgages (ARMs). Contact me to learn more about ARM financing, or refer your buyers to me.5
