# Mortgage rates hit 3-year high, demand drops

> Mortgage rates climb to 7.58%, dropping homebuying demand.
- Title: Mortgage rates hit 3-year high, demand drops · CNBC | Shortify
- Summary: Mortgage rates climb to 7.58%, dropping homebuying demand. Mortgage rates reached a near 3-year high of 7.58%, causing homebuying demand to fall 6% and…
- Keywords: mortgage rates, refinance demand, homebuyer demand, 30-year fixed rate, mortgage bank association, conforming loans, interest rates, home prices, business, finance, Mortgage, rates
- Source: CNBC — https://cnbc.com/2026/09/30/mortgage-rates-jump-to-near-3-year-high-causing-demand-to-drop-.html
- Author: Diana Olick
- Published: 2026-09-30T11:00:01+00:00
- Read time: 1 min
- Topics: mortgage rates, refinance demand, homebuyer demand, 30-year fixed rate, mortgage bank association, conforming loans, interest rates, home prices, business, finance
## Mortgage rates climb
Mortgage rates jumped to 7.58% for the sixth straight week, hitting a near 3-year high since November 2023.
## 30-year fixed rates rise
The average 30-year fixed-rate mortgage rate increased to 7.30% from 7.12% for loans under $832,750.
## Refinance demand drops
Refinance applications fell 9% for the week and were 56% lower than the same week one year ago.
## Mortgage activity shifts
The refinance share of mortgage activity decreased to 38.3% from 39.3% the previous week.
## Homebuyer demand falls
Mortgage demand dropped 6% for the week, reaching the lowest level in two years.
## Rates impact home prices
Home prices rose 1.9% nationally in July compared with July 2025, accelerating gains from a year ago.
## Key takeaway

Mortgage rates reached a near 3-year high of 7.58%, causing homebuying demand to fall 6% and refinance applications to drop 9%.