The rise in costs has suppressed demand, with purchase loan applications falling 13% year over year on a four week rolling average. Total mortgage applications declined 4.2% last week, and average rates have increased by roughly 1.4 percentage points since late February. Bloomberg TV reported that these borrowing trends could present political challenges for Republicans heading into the midterm elections.
Tuesday, October 20, 2026
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US 30 Year Mortgage Rate Hits 7.63% New High Since 2023
US Markets13 days ago
American homebuyers are facing the steepest borrowing costs in several years as financing rates continue to accelerate. MortgageNewsDaily reports that the average 30 year fixed mortgage has reached 7.63%, extending a climb that saw the Mortgage Bankers Association record a rate of 7.49% for the week ended Oct. 2. That MBA figure marked the seventh straight weekly increase and represented a 19 basis point jump driven by surging Treasury yields.
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