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The Economic Times
The Economic Times
Business

US 30-year mortgage rate tops 7%, hits 2-year high

United States US Federal Reserve Inflation Donald Trump MBA Oil Housing Market US Treasury

The rate on the most popular US home loan rose last week to its highest in more than two years and pierced the 7% level for the first time since the first week of President Donald Trump's term, after the Federal Reserve lifted short-term interest rates to combat inflation, and rising oil prices drove up Treasury yields that underpin residential borrowing costs.

The average 30-year fixed-rate mortgage jumped 15 basis points to 7.12% in the week ended September 18, the Mortgage Bankers Association said on Wednesday. It was last higher in May 2024.

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