US 30-Year Mortgage Rate Hits 7.49%, Highest Since 2023

The average 30-year fixed mortgage rate in the US rose to 7.49%, the highest level since 2023, while mortgage and refinancing applications declined. This signals continued pressure on the housing market and consumer borrowing costs, likely reflecting broader upward pressure on long-term yields. The development is significant as it may dampen housing activity and weigh on consumer spending, though the exact driver (Fed policy expectations vs. term premium) remains uncertain.