Mortgage rates top 7% for the first time in more than 2 years

Updated on: September 23, 2026 / 10:28 AM EDT / CBS News

Mortgage rates soared past 7% last week, reaching their highest level in more than two years, according to data from the Mortgage Bankers Association.

The 30-year fixed-rate mortgage rose to 7.12% the week ending Sept. 18, the MBA said. It was last that high in May 2024, according to the mortgage industry group.

The higher rates add to buyers' borrowing costs at a time when housing prices remain near record highs. As fixed rates continued to climb, more buyers opted for riskier adjustable-rate mortgages, which offer a lower initial rate, Mike Fratantoni, senior vice president and chief economist at the MBA, said in a statement.

Rates for 5/1 adjustable-rate mortgages, which offer a fixed interest rate for the first five years before adjusting based on market conditions, were more than 1% lower than fixed-rate mortgages, Fratantoni said.

Freddie Mac will release its own data on the 30-year fixed-rate mortgage on Thursday. Mortgage rates were 6.95% as of Sept. 17, Freddie's data shows.

The 30-year fixed-rate mortgage tends to follow the 10-year Treasury yield, which has spiked in recent weeks as investors fret over inflation, government debt and higher…

Original source: https://www.cbsnews.com/entertainment/