The 30-year mortgage rate in the United States rises to 7.28%, reaching a new high since November 2023

Fannie Mae data shows that the average 30-year fixed mortgage rate in the United States rose this week to 7.28% from 7.03% last week, marking its sixth consecutive weekly increase and reaching the highest level since November 2023. A year ago, the rate was 6.34%. The 15-year fixed mortgage rate also climbed from 6.42% to 6.60%. At the end of February this year, the 30-year mortgage rate once dropped to 5.98%, but has since increased by about 1.3 percentage points. Based on a $400,000 loan, the monthly repayment cost has risen by approximately $276. According to the Associated Press, inflation expectations driven by soaring oil prices have pushed U.S. Treasury yields higher, with the 10-year Treasury yield rising from 3.97% at the end of February to 5.27% during Thursday’s session, further increasing mortgage costs. Persistently high interest rates continue to weigh on the U.S. real estate market, with existing home sales in August falling 2% month-on-month to an annualized rate of 3.98 million units, the lowest level in over a year.