Mortgage Rates Exceed 7%, Reaching Highest Level Since May 2024

WHO:

[10:16 AM EDT] - CBS News - Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association (MBA)

[10:16 AM EDT] - CBS News - Jake Krimmel, senior economist at Realtor.com

[10:16 AM EDT] - CBS News - Richard Shane, head of consumer and specialty finance research at J.P. Morgan

WHAT:

[10:16 AM EDT] - CBS News - The 10-year Treasury yield was hovering around 5%, up more than a percentage point since the war in Iran started in late February.

[10:16 AM EDT] - CBS News - Freddie Mac is scheduled to release its own data on the 30-year fixed-rate mortgage on Thursday.

[10:16 AM EDT] - CBS News - Mortgage rates exceeded 7% for the first time since May 2024.

[10:16 AM EDT] - CBS News - The 30-year fixed-rate mortgage rose to 7.12% for the week ending September 18.

[10:16 AM EDT] - CBS News - Rates for 5/1 adjustable-rate mortgages were more than 1% lower than fixed-rate mortgages.

[10:16 AM EDT] - CBS News - Freddie Mac reported mortgage rates at 6.95% as of September 17.

[10:16 AM EDT] - CBS News - The Federal Reserve announced an interest rate hike of a quarter of a percentage point.

WHERE:

[10:16 AM EDT] - CBS News - The housing market is affected nationwide, with specific mention of the U.S. mortgage market.

WHEN:

[10:16 AM EDT] - CBS News - The Federal Reserve's interest rate hike occurred recently, with the announcement made last week.

[10:16 AM EDT] - CBS News - Freddie Mac's mortgage rate data was reported as of September 17.

WHY:

[10:16 AM EDT] - CBS News - Higher mortgage rates are contributing to "severe uncertainty" for homebuyers, according to a report from the NY Post.

[10:16 AM EDT] - CBS News - Higher mortgage rates are contributing to increased borrowing costs for buyers amid near-record housing prices.

[10:16 AM EDT] - CBS News - The spike in the 10-year Treasury yield is attributed to concerns over inflation, government debt, and higher borrowing costs.

HOW:

[10:16 AM EDT] - CBS News - As fixed rates continued to climb, more buyers opted for riskier adjustable-rate mortgages, which offer a lower initial rate, according to Mike Fratantoni.

[10:16 AM EDT] - CBS News - The 30-year fixed-rate mortgage typically follows the 10-year Treasury yield, which has increased recently.

[10:16 AM EDT] - CBS News - Buyers are opting for riskier adjustable-rate mortgages due to the higher fixed rates.

(UPDATED September 23, 2026 15:59 UTC)

The 10-year Treasury yield is currently hovering around 5%, having increased by more than a percentage point since the onset of the war in Iran in late February. Freddie Mac is set to release its data on the 30-year fixed-rate mortgage this Thursday, as rising mortgage rates are creating "severe uncertainty" for homebuyers, according to a report from the NY Post. As fixed rates continue to climb, many buyers are turning to riskier adjustable-rate mortgages, which provide a lower initial rate, as noted by Mike Fratantoni.

--

(UPDATED September 23, 2026 15:02 UTC)

Mortgage rates have surpassed 7% for the first time since May 2024, with the 30-year fixed-rate mortgage rising to 7.12% for the week ending September 18. This increase is largely driven by a recent quarter-point interest rate hike from the Federal Reserve, which has contributed to higher borrowing costs for buyers in the U.S. mortgage market, prompting some to consider riskier adjustable-rate mortgages that are more than 1% lower than fixed rates.