Summary

📈Average 30-year fixed mortgage rate jumps 19 basis points to 7.49%, MBA says

📈 Fed signaled another hike this year, though markets expect no October move

📉 Overall mortgage applications fell 4.2% week-on-week, lowest since ​February 2025

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.

The average 30-year fixed-rate mortgage surged 19 basis points to 7.49% in the week ended October 2, the Mortgage ​Bankers Association said on Wednesday. It was last higher in November 2023.

Mortgage rates are tied closely to ​the yield on US 10-year Treasury notes, which earlier this week hit a 24-year high, driven ⁠by worries over inflationary pressures from soaring oil prices and data showing stronger US economic growth.

The cost of ​living is the top issue on Americans' minds as they decide how they will vote on November 3, a ​Reuters/Ipsos poll completed on Monday showed, and is one reason why Trump's approval rating is at a record low of 32%.

Read More [HERE]

🎱 @Magic8BallRedux