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US mortgage rates hit three-year high
Mortgage interest rates in the United States have risen to their highest level in three years, with the average fixed-rate mortgage for 30 years reaching 7.49% in early October. This is the highest level since November 2023, driven by an increase in the yield on 10-year U.S. Treasury bonds to a 24-year high, amid rising inflation and economic pressures. As a result, mortgage application requests declined by 4.2%, with a significant drop in refinancing demand, making homeownership more challenging and encouraging potential buyers to wait for lower interest rates. The increase in interest rates is directly linked to inflation concerns and the impact of geopolitical tensions, with expectations of continued rate hikes before the end of the year.
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