30-Year Mortgage Rate Jumps to 7.45%, Highest Level in Nearly Two Years
The average rate on a 30-year fixed mortgage climbed to 7.45% on Thursday, September 24, 2026. That's the highest daily reading since April 2024, according to CNBC, which cited daily lender data from Mortgage News Daily.
The rate rose 19 basis points in a single day, up from 7.26% on Wednesday. A basis point equals one-hundredth of a percent.
Mortgage News Daily first measured the rate at a lower level Thursday morning. By early afternoon, the 10-year Treasury yield had climbed further. Mortgage News Daily re-ran its survey and found rates had moved even higher, CNBC reported.
Two Readings, One Day
Earlier Thursday, MarketWatch had put the rate at 7.37%, describing it as the highest level since May 2024. The gap reflects timing, not disagreement.
Mortgage News Daily's afternoon update, cited by CNBC, captured the additional bond-market selloff that hit after MarketWatch's report went out.
Freddie Mac's own weekly survey, released Thursday morning, showed the 30-year rate had just crossed 7%. That figure averages the prior week's rates rather than a same-day snapshot. It understates how quickly borrowing costs have moved, Mortgage News Daily noted.
Why Rates Are Climbing
Matthew Graham, chief operating officer of Mortgage News Daily, said the 7% threshold was first broken on a daily basis on September 10. Inflation reports that day raised the odds of the Federal Reserve rate hike that followed last week.
He said Fed commentary, rising oil prices and stronger economic data have pushed rates higher since then.
Graham said no single cause explained Thursday's selloff.
The 30-year fixed rate had fallen as low as 5.99% at the end of February. It rose again once the war with Iran began, CNBC reported.
Rates accelerated further after the Fed raised its benchmark rate this month to a target range of 3.75% to 4.00%, its first increase in three years, according to noradarealestate.com.
Fed Governor Barr said more hikes Mortgage rates loosely track the 10-year Treasury yield, which has also climbed alongside longer-dated Treasurys. the 30-year Treasury yield
Could 8% Be Next?
MarketWatch reported that economists consider an average 30-year rate of 8% unlikely but not impossible this year. Reaching that level would require a wider spread between the 10-year Treasury yield and the 30-year mortgage rate, the outlet reported.
Impact on Buyers and Homeowners
CNBC reported the rate increase is hitting an already strained housing market. High home prices, weak consumer confidence and a limited supply of affordable homes are all weighing on it. Refinancing activity has slowed sharply this year.
It has fallen roughly 65% compared with last year's busier periods, according to noradarealestate.com, which tracks Zillow's daily rate data.