US mortgage rates surge past 7.4 percent as loan applications drop

The short version

• Average benchmark 30-year fixed mortgage rates increased to between 7.40% and 7.49%, according to data from Freddie Mac and the Mortgage Bankers Association.[Al Jazeera · ABC News]
• Mortgage applications declined 4.2% from the prior week as climbing borrowing costs discouraged prospective buyers.[Al Jazeera]
• Higher borrowing costs coincided with the 10-year Treasury yield reaching 5.3% alongside elevated oil prices and tensions involving Iran.[Al Jazeera]

Key facts

• The average rate for a 30-year fixed mortgage jumped 19 basis points to 7.49% for the week ending October 2, according to the Mortgage Bankers Association.[Al Jazeera]
• Freddie Mac reported the benchmark 30-year fixed-rate mortgage increased to 7.40% from 7.28% the prior week.[ABC News]
• Mortgage applications fell 4.2% week-over-week, according to the Mortgage Bankers Association.[Al Jazeera]
• The 10-year Treasury yield reached 5.3%, touching a 24-year high amid surging oil prices linked to tensions with Iran.[Al Jazeera]

Sources

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

• US mortgage rates hit their highest level in three yearsAl Jazeera
• Average long-term US mortgage rate rises to highest level in nearly 3 yearsABC News - Business
• Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a rowAssociated Press