Benchmark mortgage rate hits 14-month high as bond yields keep rising

The U.S. benchmark 30-year fixed mortgage rate rose to 6.76% this week, up from 6.71% a week earlier, Freddie Mac said Thursday. The level is the highest in 14 months and the strongest reading since the week ending June 26, as global bond yields continue to climb.

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Benchmark mortgage rate hits 14-month high as bond yields keep rising

Why It Matters

The jump to a 14-month high signals upward pressure on long-term borrowing costs, occurring alongside broader increases in global bond yields noted in the report. That combination is a key factor for mortgage pricing and market observers tracking financing conditions.

Key Facts

benchmark 30-year fixed rate: 6.76% this week
one-week change: up from 6.71% a week ago
source: Freddie Mac (reported Thursday)
duration: 14-month high
comparison: highest since the week ending June 26.

Freddie Mac reported Thursday that the U.S. benchmark 30-year fixed mortgage rate rose to 6.76% this week, an increase from 6.71% in the prior week. The recent uptick reflects a continuation of the trend toward higher long-term borrowing costs.

According to the report, the 6.76% reading is the highest recorded in 14 months and marks the strongest level since the week ending June 26. The weekly increase, while modest, represents a steady climb in the benchmark mortgage rate over recent weeks.

Freddie Mac’s figures come as global bond yields have continued to rise, a development cited in conjunction with the upward movement in mortgage rates. The report links the broader rise in yields to the current direction of the benchmark mortgage rate.

Freddie Mac publishes its mortgage-rate survey weekly, and Thursday’s data underscore a period of rising rates that market participants have been monitoring alongside shifts in global bond markets.