FX.co ★ US Mortgage Rates Rise for 8th Straight Week

The average rate on a 30-year fixed mortgage inched up by 1 basis point to 7.5% in the week ended October 9, 2026, according to the Mortgage Bankers Association. This marks the eighth consecutive weekly increase, for a total rise of 141 basis points since US-Israeli strikes against Iran began in late February. Mortgage rates continue to mirror elevated US Treasury yields amid expectations that the Federal Reserve will keep interest rates higher for longer to tame inflation. The move higher in borrowing costs is putting additional pressure on the housing market: total mortgage applications declined 2.7%, falling for a sixth straight week. Refinancing applications slipped 0.4%, while purchase applications dropped 4%.