Mortgage interest rates in the US have risen for the seventh week in a row, rising to the highest level in nearly three years, further exacerbating the affordability problem of housing in the US. According to data released by the American Mortgage Bankers Association on Wednesday, contract interest rates for 30-year fixed-rate mortgages rose 19 basis points to 7.49% in the week ending October 2, the highest since November 2023. Over the past three weeks, this interest rate has accumulated a cumulative increase of about 0.5 percent, the fastest increase since the beginning of 2023. Since the outbreak of the war in Iran, energy costs and overall inflation have increased the yield on 10-year US Treasury bonds, which have an important impact on mortgage interest rates, and rose to the highest level since 2002 on Monday. In addition, housing prices are still high, and mortgage interest rates remain high, making it difficult for second-hand and new home sales to continue to gain momentum. The MBA Home Buying Index, which measures home loan applications, fell 2.1% to its lowest level in more than a year. The MBA Refinance Index fell 7.5%, continuing the downward trend that began in mid-August. The MBA survey has been conducted weekly since 1990. The survey targets mortgage banks, commercial banks, and savings institutions, covering more than 75% of retail residential mortgage applications in the US.

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