Mortgage Rates Top 7% for the First Time in More Than 2 Years

TL;DR

The 30-year fixed-rate mortgage reached 7.12% in the week ending September 18, its highest point since May 2024.
Higher mortgage rates increase borrowing costs for buyers amid near-record housing prices.
More buyers are choosing adjustable-rate mortgages (ARMs) due to their lower initial rates compared to fixed-rate mortgages.
The 10-year Treasury yield, which influences fixed mortgage rates, has spiked due to inflation and government debt concerns.
The Federal Reserve's recent quarter-percentage-point interest rate hike is also a factor in rising mortgage rates.
Elevated and volatile rates could further slow down the housing market by challenging affordability.

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