30-year fixed mortgage rate jumps sharply Thursday to 7.45%
The 30-year fixed rate surged to 7.45%, the highest level since April 2024 as bonds sold off and yields rose.
TL;DR
- The 30-year fixed mortgage rate hit 7.45% on Thursday, according to Mortgage News Daily.
- This surge is attributed to a sharp increase in bond yields.
- The rate has risen 19 basis points since the previous day, from 7.26%.
- Factors contributing to the rise include inflation reports, Fed rate hike expectations, Fed comments, higher oil prices, and stronger economic data.
- Mortgage rates generally track the yield on the 10-year U.S. Treasury.
- The housing market is already facing challenges with high home prices, weak consumer confidence, and a lean supply of affordable homes.
- The afternoon bond selloff on Thursday lacked an obvious catalyst.