U.S. 30-year mortgage rates jump to 7.28% in one week

The average U.S. 30-year fixed mortgage rate jumped from 7.03% to 7.28% in one week, the biggest weekly increase in four years and the highest level since November 2023. The move followed the Federal Reserve raising interest rates, pushing borrowing costs higher for buyers.

Rates have risen for six straight weeks, and purchase-mortgage applications are down more than 10% from a year earlier over the past four weeks. New listings are at a six-year high, but demand remains stuck as financing gets more expensive. On October 5, the rate was reported at 7.61%.