US 30-Year Mortgage Rate Surges Past 7%! Housing Market Woes Deepen

According to Mortgage News Daily data, the average rate on a 30-year fixed-rate mortgage in the US rose to 7.24% on September 16, up 27 basis points from 6.97% a week earlier. On September 17, the rate eased slightly to 7.19%, but remains notably above the 7% threshold. Current US homeowners face the dilemma of "losing low-rate loans upon selling," weakening their willingness to sell, while home prices stay elevated, exacerbating housing market difficulties.