U.S. Mortgage Rates Rise to 7.07%

U.S. mortgage rates have surpassed 7% for the first time in over a year, averaging 7.07% on the 10th. This marks an increase of 0.10 percentage points from the previous day, influenced by rising international oil prices and inflation concerns. The yield on 10-year U.S. Treasury bonds also rose by 0.08 percentage points, exceeding 4.9%, reaching its highest level in several years. Although the U.S. Treasury expanded its bond buyback program, the effect on curbing interest rate increases was limited. Additionally, due to escalating hostilities between the U.S. and Iran, international oil prices surpassed $100 per barrel for the first time since May. The Producer Price Index (PPI) released on the 10th showed a 0.4% increase in August compared to the previous month, aligning with market expectations but exceeding the growth rate of July. President Donald Trump proposed a $5,000 payment to all adults if the Republican Party becomes the majority in the midterm elections, but the likelihood of this becoming reality is considered low due to legal requirements and congressional approval needed. Other indicators related to mortgage rates also confirmed an upward trend, with Freddie Mac's survey indicating this week's mortgage rate at 6.76%, up from 6.71% last week.

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