US Mortgage Rates Hit 7.30%, Highest Since 2023; Application Volume Falls 6%

The U.S. 30-year fixed mortgage rate rose to 7.30% for the week ended September 30, 2026, its highest level since November 2023 and a sixth straight weekly increase, pushing total mortgage application volume down 6%, the Mortgage Bankers Association said. The average contract rate climbed from 7.12% a week earlier, with points rising to 0.75 from 0.73 on conforming loans of $832,750 or less with 20% down. Refinance applications fell 9% week-over-week and 56% year-over-year, dropping to 38.3% of total volume from 39.3%. Government refinances declined 13%, with FHA and VA applications each posting double-digit drops, MBA economist Joel Kan said. Purchase applications slipped 4% weekly and 14% below year-ago levels, as rising home prices compound affordability pressure; the S&P Cotality Case-Shiller index showed national prices up 1.9% year-over-year in July, accelerating from 1.6% in June. Adjustable-rate mortgages, priced roughly 80 basis points below fixed loans, captured 10.3% of applications, their largest share since October 2025. Mortgage News Daily put the 30-year average at 7.58% on Tuesday.