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The Freddie Mac 30-year fixed-rate mortgage rose for the seventh consecutive week, up 12 basis points to 7.40%. Rates are now a full 110 basis points higher than they were last year at this time, which was 6.30%. This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28%…
Mortgage rates rose to the highest level in nearly three years, causing demand for both refinancing and homebuying to decline even further.
Rising borrowing costs have pushed mortgage applications to their lowest level since February 2025.