![]() ![]() "The rate increase comes on the heels of the U.S. government's credit rating from AAA to AA+. Treasury yields ticked up after Fitch Ratings last week downgraded the U.S. The most relevant benchmark for 30-year mortgage rates, though, is the 10-year Treasury yield, which remained above 4 percent on Wednesday. While the Fed doesn't directly set fixed mortgage rates, it does set the tone - and as the central bank has boosted its policy rate from zero in early 2022 to 5.25 percent now, mortgage rates have risen sharply. The central bank in July raised rates a quarter point, its 11th increase since 2022. government debt and the dwindling chances of a recession. The increase reflects a variety of factors, including the Federal Reserve's continuing fight against inflation, last week's downgrade of U.S. The last time rates were higher was April 2002, according to Bankrate data. That reading matched the October 2022 peak of 7.12 percent. The average rate on 30-year mortgages reached 7.12 percent, up from 7.09 percent last week, according to Bankrate’s weekly national survey of large lenders. Mortgage rates climbed again this week, matching their highest point since 2002. Mortgage industry insights Mortgage rates reach two-decade high In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. Our advertisers do not compensate us for favorable reviews or recommendations. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. In exchange for placement of sponsored products and services, or when you click on certain links posted on our site. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate is an independent, advertising-supported publisher and comparison service. Our experts have been helping you master your money for over four decades. ![]()
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