Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage<\/a> rose to 7.4% from last week’s reading of 7.28%.<\/p>\n The average rate on a 30-year loan was 6.3% a year ago.<\/p>\n Realtor Russell Walsh takes a look at a listing by realtor Bryce Garman at Garman’s open house in Dana Point, California, on Aug. 1, 2024. (Paul Bersebach\/MediaNews Group\/Orange County Register via Getty Images \/ Getty Images)<\/p>\n BABY BOOMERS ARE POISED TO UNLEASH MILLIONS OF HOMES \u2014 BUT THERE’S A CATCH FOR FIRST-TIME BUYERS<\/a><\/p>\n “This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28% this week, 9 basis points higher than the week before,” said Realtor.com senior economist Joel Berner. “A wicked brew of inflation expectations, a broad bond market selloff, and rising fiscal deficits requiring new debt issuance is pushing bond yields higher, and mortgage rates are following.”<\/p>\n The average rate on a 15-year fixed mortgage<\/a> climbed to 6.73% from last week’s reading of 6.6%.<\/p>\n Mortgage rates are affected by several factors, including the Federal Reserve<\/a> and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 5.22% as of Thursday afternoon.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/home-for-sale-person-walking-getty.jpg\")
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