US 30-Year Fixed Mortgage Rates Climb to 7.03% for Week Ending September 24
Global real estate markets continue to contend with elevated borrowing costs, as central bank signals hint at a prolonged period of tighter monetary policy.
The story
As of the week ending September 24, the average 30-year fixed-rate mortgage (FRM) reached 7.03%, marking an increase from 6.66% recorded last month. This upward trend in borrowing costs continued with moderate rises observed on September 25.
The persistent climb in rates is largely attributed to stronger-than-expected economic data and the market's anticipation of the Federal Reserve's stance on inflation. Analysts note that the Fed's recent communications suggest a 'higher-for-longer' environment, impacting affordability for potential homebuyers and dampening overall purchase demand. Borrowers are now adjusting to this new reality of elevated financing costs, with local market dynamics playing a crucial role in how demand is affected.
What we'll be watching
- Chicago Fed President Austan Goolsbee's remarks on Monday, September 28.
- New York Fed President John Williams' and Vice Chair Philip Jefferson's speeches on Tuesday, September 29.
- Richmond Fed President Thomas Barkin's address on Tuesday, September 29.
- MBA Mortgage Applications release on Wednesday, September 30.
- FHFA Monthly House Price Index for July 2026, scheduled for release on Tuesday, September 29.
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