The average 30-year fixed mortgage rate climbed to 7.30% last week from 7.12%, the Mortgage Bankers Association said, the highest level since November 2023.
By the numbers: Total mortgage demand fell 6% for the week. Refinance applications dropped 9% and sit 56% below the same week last year, while purchase applications fell 4% and are 14% lower than a year ago.
- Home prices are still climbing on top of that: the S&P Cotality Case-Shiller index rose 1.9% nationally in July versus a year earlier, faster than June's 1.6% gain.
- Adjustable-rate mortgages, priced about 80 basis points below fixed loans, made up 10.3% of applications, the highest share since October 2025. Buyers are hunting for savings in riskier products.
Why it matters: On a $400,000 loan, the move from 7.12% to 7.30% adds roughly $50 a month. If you are buying this fall, get a rate lock with a float-down option and compare the ARM math honestly: the discount is real, and so is the reset risk in five to seven years.
What's next: The climb continued into this week, with Mortgage News Daily putting the 30-year average at 7.58% on Tuesday as the bond market repriced expectations for Fed policy, growth and inflation.
