US mortgage rates climb past 7% amid renewed inflation pressures

The short version

• US mortgage rates have surpassed 7%, with the 30-year fixed rate reaching 7.12% according to the Mortgage Bankers Association.[CBS News · The Guardian]
• The climb follows the Federal Reserve's first interest rate hike since 2023, prompted by elevated inflation and rising energy prices linked to conflict with Iran.[The Guardian]
• Treasury yields have reached multi-year highs despite Treasury buyback efforts, and a majority of Fed policymakers project at least one more rate increase before year's end.[The Guardian]

Key facts

• The 30-year fixed-rate mortgage rose to 7.12% for the week ending Sept. 18, according to the Mortgage Bankers Association.[CBS News]
• The Federal Reserve increased interest rates for the first time since 2023, citing persistent inflation.[The Guardian]
• A majority of the Federal Reserve's rate-setting committee projected at least one additional rate increase before the end of the year.[The Guardian]
• The 10-year US Treasury yield reached its highest level since July 2007, pushing borrowing costs upward.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• US mortgage rates top 7% for first time in 20 monthsThe Guardian - US
• Mortgage rates top 7% for the first time since May 2024CBS News - US