BREAKING: U.S. Mortgage Rates Hit 7.12%, Highest Since May 2024

The 30 year fixed mortgage rate rose 15 bps to 7.12% for the week ended September 18, adding pressure to the housing market.

The 5 year adjustable rate mortgage fell 13 bps to 6.10%.

MBA mortgage demand weakened, with the purchase index down 0.8% and refinancing demand falling 2.6% to its lowest since February 2025.

Rates above 7% could further weigh on housing demand as high prices and weak sales persist.