FX.co ★ US 30-Year Mortgage Rate Climbs Above 7%

The average rate on the US 30-year fixed-rate mortgage rose to 7.03% as of September 24, 2026, surpassing 7% for the first time since January 2025 and up from 6.95% the previous week. Mounting concerns over inflationary pressures have driven a broad selloff in global government bond markets, pushing the yield on the 10-year Treasury note above 5%—its highest level in nearly two decades. This surge in borrowing costs continues to weigh heavily on prospective homebuyers.

While the 7% mark does not carry any particular economic significance, economists often view it as a psychological ceiling for borrowers. One year ago, the 30-year fixed-rate mortgage averaged 6.3%. Meanwhile, the 15-year fixed-rate mortgage climbed to 6.42%, its highest reading since May 2024, up from 6.26% a week earlier.