Mortgage Rates Hit 7.58%, Approaching 3-year High
Mortgage rates closed in on 7.6% Tuesday as Treasury yields continued to move higher.
The average 30-year fixed-rate mortgage rate hit 7.58% on Tuesday, per Mortgage News Daily. That's up 8 basis points from Monday, and is the highest level since November 2023.
The 10-year Treasury yield (^TNX), which mortgage rates closely track, was up around 4 basis points to 5.28% as of midday.
Read more: How soaring Treasury yields could hit your finances
Rates remain some distance from late 2023's peak around 7.8% — though not terribly far off — and could easily be enough to chill home sales ahead of the market's typical winter slowdown.
The latest climb began in late August.
Sitting at 6.75% on Aug. 26, mortgage rates crossed the 7% threshold around Sept. 10 and have continued rising amid the volatility in bond markets, driven by growing investor concern about oil prices, inflation, and future Federal Reserve rate hikes.
Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages, and home insurance.
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This article originally appeared on Yahoo Finance at https://finance.yahoo.com/markets/article/mortgage-rates-hit-758-approaching-3-year-high-165659395.htmlPopular Products
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