US mortgage rates have jumped to 7.12 per cent, the highest level in more than two years, with nearly one in ten new applications now for adjustable-rate mortgages as borrowers chase lower initial payments even though their costs could rise later.
The average contract rate for a 30-year fixed mortgage reached 7.12 per cent in the Mortgage Bankers Association (MBA) survey for the week ending 18 September 2026, up 15 basis points from 6.97 per cent and the highest level since May 2024.
