{"id":890780,"date":"2026-09-10T18:18:16","date_gmt":"2026-09-10T18:18:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/890780\/"},"modified":"2026-09-10T18:18:16","modified_gmt":"2026-09-10T18:18:16","slug":"30-year-fixed-mortgage-rate-tops-7-for-the-first-time-in-over-a-year","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/890780\/","title":{"rendered":"30-year fixed mortgage rate tops 7% for the first time in over a year"},"content":{"rendered":"

Homes in Pinole, California, US, on Thursday, Sept. 3, 2026. <\/p>\n

Davis Paul Morris | Bloomberg | Getty Images<\/p>\n

The average rate on the popular 30-year fixed mortgage crossed over 7% on Thursday for the first time since May 2025, hitting 7.07%, according to Mortgage News Daily. That is an increase of 10 basis points from Wednesday. A basis point equals 0.01%.<\/p>\n

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury. It rose again Thursday as oil prices surged higher. That overshadowed<\/a> a wholesale inflation<\/a>\u00a0reading that showed prices rose 0.4% in August, which was in line with Dow Jones consensus estimates.<\/p>\n

“It’s been a rough couple of days for the bond market,” said Matthew Graham, chief operating officer at Mortgage News Daily. “Yesterday, it was [Treasury Secretary] Bessent and the reaction to the Treasury buyback announcement. Today it is an overnight surge in oil prices and a lackluster reaction to the Producer Price Index (PPI).”<\/p>\n

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Mortgage rates have been rising since the start of the Iran war. Rates hit a low of 5.99% the day before the war started. For comparison, for a buyer purchasing a $430,000 home (right around the national median price), using a 30-year fixed loan with a 20% down payment, their monthly payment of principle and interest would be $244 higher today than it was at the end of February.<\/p>\n

Stocks of the U.S. homebuilders were already moving lower Thursday, after a monthly report on existing home sales<\/a> showed sales falling and home prices rising, even amid higher supply.<\/p>\n","protected":false},"excerpt":{"rendered":"Homes in Pinole, California, US, on Thursday, Sept. 3, 2026. Davis Paul Morris | Bloomberg | Getty Images…\n","protected":false},"author":2,"featured_media":890781,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[256890,4467,45,161,49,48,2294,46,50137,4520,97284,82252,14829,968,772],"class_list":["post-890780","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-lco26x","tag-breaking-news-business","tag-business","tag-business-news","tag-ca","tag-canada","tag-economic-events","tag-economy","tag-government-debt","tag-housing","tag-ishares-u-s-home-construction-etf","tag-mortgages","tag-prices","tag-real-estate","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/890780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=890780"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/890780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/890781"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=890780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=890780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=890780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}