Mortgage Rates Climb, 30-Year Fixed Reaches 7.37%
U.S. mortgage rates rose across all major products on September 24, with the 30-year fixed averaging 7.37%, up 0.11% from the prior day. The 15-year fixed led gains with a 0.13% daily increase, and most products are trading near their 52-week highs. The 7/6 SOFR ARM remains 49 basis points cheaper than the 30-year fixed, offering a notable spread for adjustable-rate borrowers.
The September 24 rate report shows a broad upward move across the mortgage market. The 30-year fixed product now averages 7.37%, reflecting a 0.11% single-day increase and a 0.18% rise over the past week. The 15-year fixed product stands at 7.00% after posting the largest daily gain of 0.13%.
Weekly momentum has been consistent, with all major products advancing between 0.10% and 0.19% over the last seven days. Several products are trading at or near their highest levels of the past year, including the 30-year fixed and jumbo loans. Meanwhile, the 7/6 SOFR adjustable-rate mortgage remains 49 basis points below the 30-year fixed, preserving a meaningful cost gap for borrowers weighing adjustable options.
Rising mortgage rates near 52-week highs could place additional pressure on prospective homebuyers, particularly first-time purchasers who may find monthly payments increasingly difficult to afford. The persistent gap between adjustable and fixed products might push some borrowers toward ARMs, which carry future payment uncertainty. Sellers could face slower market activity, while lenders may see reduced refinancing demand. The overall effect may be a cooling housing market, though the extent depends on how long rates remain elevated.