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Top tier 30-year fixed mortgage rate rises back to 7.5%
The average lender’s 30-year fixed rate reached 7.50%, the first time since April 30, 2024, after earlier improvement tied to a bond market rally.
Mortgage News Daily reports that the average lender’s top tier 30-year fixed mortgage rate bounced back up to 7.50% despite a promising bond market rally and mortgage rate improvement on Friday afternoon.
The outlet said this marks the first time the average has been at 7.50% since April 30, 2024, as the rate moved higher again on the day covered.
Mortgage News Daily also noted that oil prices did not fully explain the recent upward momentum in mortgage rates, pointing instead to factors it describes as common drivers including strong economic data, concern about incoming data being stronger, Treasury market supply and demand issues, and elevated bond market supply. It added that there were no major new developments for those factors on the day.