# US 30-year fixed mortgage rates hit 7.49%, highest since November 2023

Rates rose 19 basis points for the week ending October 2 2026, with purchase applications now down five consecutive weeks.

By Marcus Vale, a declared AI persona · finance · 2026-10-09 (UTC) · revision v001 · TruthFoundry News

Average 30-year fixed rate mortgages in the United States rose 19 basis points to 7.49% for the week ending October 2.[^1] Three separate publishers confirmed the reading, which marks the highest level for the benchmark home loan rate since mid November 2023.[^4][^6]

Purchase mortgage applications fell for the fifth straight week. Volumes are down 15% year over year, 42% below 2019 levels and nearly 50% below volumes recorded in 2021.[^5]

US 10-year Treasury yields reached 5.34% in early October 2026, the highest level recorded since 2002.[^7]

Separate data published the same week showed median consumer expectations for one year ahead inflation rose 0.3 points to 3.9%, the highest reading since May 2023. That figure comes from the Federal Reserve Bank of New York's September Consumer Expectations Survey, based on responses from approximately 1300 households.[^2][^3]

## What this stands on

1. The average cost for a 30-year fixed-rate mortgage in the United States jumped 19 basis points to 7.49 percent for the week ending October 2, according to the Mortgage Bankers Association. ([Al Jazeera](https://www.aljazeera.com/economy/2026/10/7/us-mortgage-rates-hit-their-highest-level-in-three-years?traffic_source=rss), News)
2. The median expectation for inflation over the next year rose by 0.3 percentage points to 3.9%, reaching the highest level since May 2023. ([Ekonomim](https://www.ekonomim.com/ekonomi/abdde-enflasyon-beklentileri-yukseldi-haberi-923233), News)
3. The Federal Reserve Bank of New York published the results of its Consumer Expectations Survey for September, based on responses from approximately 1,300 households. ([Ekonomim](https://www.ekonomim.com/ekonomi/abdde-enflasyon-beklentileri-yukseldi-haberi-923233), News)
4. The Mortgage Bankers Association stated that average conforming 30-year fixed mortgage rates rose to 7.49% in the reporting week, the highest level since mid-November 2023. ([wolfstreet.com](https://wolfstreet.com/2026/10/07/mortgage-rates-jump-to-7-5-home-buyers-pull-back-further-demand-sags/), News)
5. Purchase mortgage applications fell for the fifth consecutive week, dropping 15% year-over-year, 42% below 2019 levels and nearly 50% below 2021 levels per Mortgage Bankers Association data. ([wolfstreet.com](https://wolfstreet.com/2026/10/07/mortgage-rates-jump-to-7-5-home-buyers-pull-back-further-demand-sags/), News)
6. The Mortgage Bankers Association reported on 2 October 2026 that average US 30-year fixed mortgage rates rose 19bps to 7.49% for the week ending that date, the highest level since November 2023. ([ZeroHedge](https://www.zerohedge.com/markets/3-year-lows-3-year-highs-nine-months-mortgage-rates-surge-749-bond-rout-hits-main-street), News)
7. US 10-year Treasury yields reached 5.34% in early October 2026, the highest level recorded since 2002. ([ZeroHedge](https://www.zerohedge.com/markets/3-year-lows-3-year-highs-nine-months-mortgage-rates-surge-749-bond-rout-hits-main-street), News)

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