Three different data sources are reporting an increase in mortgage rates, with two of the sources insisting the 30-year fixed-rate mortgage topped 7% for the first time in over a year.
Freddie Mac (OTCQB: FMCC) reported the 30-year fixed-rate mortgage averaged 6.76% as of Sept. 10, up from last week when it averaged 6.71%. A year ago at this time, the 30-year FRM averaged 6.35%.
However, Mortgage News Daily, an online housing industry publication and mortgage rate tracking platform, reported the 30-year fixed-rate mortgage is now at 7.07%, a 10-basis-points spike from yesterday and its highest level since May 2025. This increase was attributed to the rise in oil prices resulting from ongoing war with Iran.
“It’s been a rough couple of days for the bond market,” said Matthew Graham, chief operating officer at Mortgage News Daily, in a CNBC interview. “Yesterday, it was [Treasury Secretary] Bessent and the reaction to the Treasury buyback announcement. Today it is an overnight surge in oil prices and a lackluster reaction to the Producer Price Index (PPI).”
Then, there is data from Zillow (NASDAQ: Z, ZG) published by US News. The Seattle-headquartered brokerage put the average interest rate on a 30-year purchase mortgage at 7.002%, up from yesterday’s reading of 6.943%. This upswing was attributed solely to the Department of the Treasury’s planned buyback program that will seek to lower yields and consumer borrowing rates. However, yields and rates soared when the markets realized the proposed buyback level would be smaller than anticipated.
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