Mortgage rates jump to 7.30%, ending four weeks of declines
Mortgage rates rose on Tuesday, following a hotter-than-expected inflation report and breaking a month-long slide. The average rate on a top-tier 30-year fixed loan rose by 0.12% to 7.30%, based on Mortgage News Daily's index. No single day in the past month had seen a bigger increase.
Rates are still lower than in early October, when the same measure was above 7.6%.
The consumer price index (CPI) showed prices rose 0.4% in October, above forecasts. The 10-year Treasury yield, which mortgage rates tend to follow, rose from 4.88% to 4.98% on Tuesday.
The jump reverses a month of relief that had started to bring borrowers back. Last week, the Mortgage Bankers Association's average 30-year rate fell to 7.21%, its lowest since mid-September, CNBC reports.
| Mortgage applications, week to November 6 | Week on week | Year on year |
|---|---|---|
| All applications | +6.2% | |
| Home purchase | +8% | -18% |
| Refinancing | +5% | -57% |
Joel Kan, the MBA's deputy chief economist, said lower rates lifted demand, but both purchase and refinance activity "remain considerably lower than a year ago." He added that the rate on loans backed by the Federal Housing Administration had dropped back below 7%, which helped first-time buyers.
Freddie Mac's weekly survey, which is drawn from loan applications, put the 30-year rate at 7.18% on November 5. A year earlier, it was 6.22%. Its next reading is due on Thursday, November 12, which will cover the week that includes Tuesday's jump.
Sources & Further Reading
- "Mortgage Rate Sharply Higher After Inflation Data." Mortgage News Daily. November 10, 2026.
- "US consumer prices rise 0.4% in October, above forecasts, as core inflation holds at 0.3%." Stock Analysis. November 10, 2026.
- "Mortgage rates jump sharply higher, after easing for four straight weeks. Here's why." CNBC. November 11, 2026.
- "Primary Mortgage Market Survey." Freddie Mac. November 5, 2026.
This article was drafted with the help of AI. Reid Robertson fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
