MarketPR
Mortgage rates climbed to their highest level in nearly three years, pushing the weekly average 30-year fixed rate to 7.28% as of Thursday.
Freddie Mac reported the rate has risen 0.94 points from a year ago and 0.25 points from the previous week.
This climb mirrors the broader movement in government debt, as 10-year Treasury yields have increased by more than 1.25 percentage points since the Iran conflict began in February.
The rise in rates has triggered a sharp decline in lending activity. The Mortgage Bankers Association reported Wednesday that mortgage applications for the week ended Sept. 25 fell 6% from the prior week.
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