US mortgage rates jump to 7.49%, hit highest level in nearly 3 years​on October 8, 2026 at 3:00 am

In a notable shift, US mortgage rates have climbed to an alarming 7.49 percent, the peak since November 2023. This increase has further strained the housing market as the election period looms. Mortgage applications saw a 4.2 percent decline last week, reaching their lowest point since February 2025, highlighting ongoing affordability challenges for potential buyers and resulting in fewer refinancing requests amid persistent inflation and economic growth worries.