US 30-year fixed-rate mortgage rate hits 7.40%, likely to further erode housing demand

What happened: Freddie Mac said the 30-year fixed mortgage rate averaged 7.40%, the highest since November 2023, up from 7.28% last week. Key numbers: 30-year fixed rate 7.40%, up from 7.28%; highest since November 2023; up 142 basis points since the war began at the end of February; 10-year Treasury yield at a 24-year high; November 3 midterm elections. Why it matters: Higher rates are holding back demand and supply, and Lisa Sturtevant of Bright MLS said a housing market "stall" is likely rather than a "crash," with little downward pressure on home prices.

30-year mortgage rate at 7.40% signals further housing demand erosion.

30-year mortgage rate at 7.40% signals further housing demand erosion. — impact context not separately stored; see What changed.