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US 30-Year Mortgage Rate Hits 7.12%, Highest Since May

By Markets Desk · · Updated 2026-09-23 18:00 UTC
A stack of white paper documents tied with a red string, resting on a wooden desk

Rates hit 7.12% as refinance demand hits a 19-month low. The refinance index is down 62% year-over-year, with total applications falling 1.5%.

  • Norada Real Estate Investments reports that refinance demand has plummeted to a 19-month low. The refinance index is now down 62% year-over-year, with the component share of applications falling to 39.3%.

    Source: Norada Real Estate Investments

  • Mortgage applications fell 1.5% as the average 30-year fixed rate climbed to 7.12%, the peak level since May 2024.

    Source: CUToday
Based on reporting by CUToday and Norada Real Estate Investments, compiled by the Tradingbird desk.

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