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Series of events · Mortgage Rates
Mortgage rates climb then ease as demand cools
US mortgage rates rose for seven weeks before dipping, while falling applications and sales show the market adjusting to higher costs.
Updated
The flow in 3 points
- Rates hit 7.49% before easing to 7.24%
- Applications fell 4.2% and 5.3% in separate weeks
- Fannie Mae sees 7.5% rates for 2027
What happened, in order
Times are Eastern-
Where it began
Rates hit high
The average 30-year fixed mortgage rate rose to 7.49%, pushing total applications down 4.2% and refinance requests down 8%.
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Seventh weekly rise
The average 30-year fixed mortgage rate climbed to 7.4 percent from 7.28 percent, marking the seventh consecutive weekly increase.
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Turning point
Forecasts raised
Fannie Mae lifted its 30-year fixed mortgage rate outlook to 7.4% for the fourth quarter and 7.5% for 2027, while pending home sales fell 8.5%.
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Rates dip slightly
The average 30-year fixed mortgage rate fell to 7.41 percent from 7.50 percent as mortgage applications dropped 5.3 percent.
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Latest
Second weekly drop
The average cost for a thirty-year home loan dropped to 7.24 percent, marking the second straight weekly decrease.
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How they connect
Rates initially climbed for seven straight weeks, reaching a high of 7.49 percent. After Fannie Mae raised its long-term forecasts, the rates began to decline slightly over the following weeks.
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