The 30-year fixed mortgage rate rose to 7.4% this week, the highest level since November 2023, according to Freddie Mac data.
That's up from 7.28% one week prior. The measure of mortgage rates has risen for seven straight weeks, with the average 30-year fixed rate up roughly 0.75 percentage point in that time.
On a $400,000 home loan, that seven-week run-up in mortgage rates translates to a roughly $200 a month increase in principal and interest payments.
The significant rise comes as bonds prices have dropped, sending yields higher. The 30-year fixed mortgage rate is based on the 10-year Treasury yield, which is up 0.533 percentage point since the end of August to a preliminary 5.290 on Thursday, according to Dow Jones Market Data.
The side effects of rising mortgage rates are already showing up in early data as price cuts have climbed and newly pending sales dropped.
"Higher mortgage rates are keeping most homeowners from refinancing and causing many prospective buyers to pull back," Mortgage Bankers Association CEO Bob Broeksmit said in a Thursday morning statement.
This is breaking news. Check back soon for more analysis.