# US Mortgage Rate Hits 7.40%

> US 30-year mortgage rate reaches 7.40%, highest since November 2023, likely to weaken housing demand.
- Title: US Mortgage Rate Hits 7.40% · The Economic Times | Shortify
- Summary: US 30-year mortgage rate reaches 7.40%, highest since November 2023, likely to weaken housing demand. US 30-year fixed mortgage rates hit 7.40%, the highest…
- Keywords: us mortgage rate, 30-year fixed rate, housing demand, treasury yields, inflation, housing affordability crisis, november elections, money, business, Mortgage, Rate, Hits
- Source: The Economic Times — https://economictimes.indiatimes.com/markets/us-stocks/news/us-30-year-fixed-rate-mortgage-rate-hits-7-40-likely-to-further-erode-housing-demand/articleshow/134798770.cms
- Author: Reuters
- Published: 2026-10-08T18:27:00+00:00
- Read time: 1 min
- Topics: us mortgage rate, 30-year fixed rate, housing demand, treasury yields, inflation, housing affordability crisis, november elections, money, business
## US Mortgage Rate Climbs
The average rate on the popular US 30-year fixed-rate mortgage surged to a near three-year high this week.
## Rate Hits 7.40%
Freddie Mac reported the 30-year fixed mortgage rate averaged 7.40%, the highest level since November 2023.
## Rate Increase
The rate rose from 7.28% last week, up 142 basis points since the US-Israeli war began in February.
## Inflation Impact
Higher energy prices from the US-Israeli war with Iran are driving up longer-term Treasury yields.
## Housing Affordability Crisis
Rising mortgage rates and high home prices have created an affordability crisis ahead of the November 3 midterm elections.
## Trump's Stance
President Donald Trump refused to sign a bipartisan housing affordability bill, calling it a 'big yawn' in 2024.

> a big yawn
## Market Impact
Higher rates are suppressing demand and leaving sellers reluctant to list homes, contributing to a national housing shortage.
## Key takeaway

US 30-year fixed mortgage rates hit 7.40%, the highest since November 2023, as inflation concerns push Treasury yields higher, potentially reducing housing demand ahead of November elections.