{
  "id": 12624350,
  "title": "US 30-year mortgage rate hits highest in nearly three years",
  "url": "https://urgent.news/2026/10/07/us-30-year-mortgage-rate-hits-highest-in-nearly-three-years-12624350",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T12:27:13.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1549954/us-30-year-mortgage-rate-hits-highest-nearly-three-years"
  },
  "original_language": "en",
  "account": "The average 30-year fixed-rate mortgage in the United States surged to its highest level in nearly three years, reaching 7.49 percent as of the week ending October 2, according to the Mortgage Bankers Association. This increase occurred just four weeks before the U.S. presidential election, which will determine if President Donald Trump's Republicans retain control of Congress. The jump in mortgage rates is closely linked to the yield on U.S. 10-year Treasury notes, which had reached a 24-year high earlier in the week due to worries about inflationary pressures from skyrocketing oil prices and data indicating robust U.S. economic growth. The rising cost of living is the most pressing concern for Americans as they consider their votes on November 3, with Trump's approval rating reaching a record low of 32 percent. Home borrowing rates have increased by approximately 1.4 percentage points since the joint U.S.-Israeli strikes against Iran commenced in late February, mirroring the growth in the 10-year Treasury yield, which surpassed 5.3 percent on Monday. Inflation has also been on the rise, reaching 3.4 percent in August, according to a measure targeted by the Federal Reserve at 2 percent. Federal Reserve policymakers have indicated their expectation to follow the September interest-rate increase with another hike by the end of the year, although markets currently anticipate no action during their upcoming policy meeting at the end of October. Mortgage loan applications declined by 4.2 percent from the previous week, as reported by the Mortgage Bankers Association, with refinancing applications experiencing a significant drop. Joel Kan, the MBA's deputy chief economist, noted that very few homeowners have an incentive to refinance at these rates, and the surge in borrowing costs has caused many potential buyers to pull back from the purchase market.",
  "summary": "NEW YORK: The interest rate on the most common US home loan jumped last week to its highest in almost three years, worsening affordability for buyers four weeks before elections that will decide if President Donald Trump's Republicans keep control of Congress.",
  "key_points": [
    "30-year mortgage rate hits 7.49%, highest in nearly 3 years",
    "Increase tied to 10-year Treasury yield at 24-year high",
    "Refinancing applications drop 4.2% as borrowing costs rise"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Bloomberg",
        "title": "US Mortgage Rates Jump to 7.49%, Highest in Nearly Three Years",
        "url": "https://urgent.news/2026/10/07/us-mortgage-rates-jump-to-7-49-highest-in-nearly-three-years",
        "published": "2026-10-07T11:00:00.000Z"
      },
      {
        "outlet": "Straits Times Business",
        "title": "US 30-year mortgage rate hits highest in nearly three years",
        "url": "https://urgent.news/2026/10/07/us-30-year-mortgage-rate-hits-highest-in-nearly-three-years",
        "published": "2026-10-07T12:10:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}