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Lance Lambert reports that the average U.S. 30-year fixed mortgage rate has reached 7.61 percent, following eight consecutive days above the 7.50 percent threshold.
He adds that this is one of the highest sustained levels observed in this cycle, referencing the fall 2023 period when 33 days above the 7.50 percent mark was recorded. For comparison, the average rate on the same day last year stood at 6.34 percent. Additionally, the 10-year Treasury yield is currently at 5.32 percent, with a spread of 229 basis points between the mortgage rate and the Treasury yield.
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Lambert has previously reported that the average 30-year fixed mortgage rate reached 7.57%, with the 10-year Treasury yield at 5.29% and a wide spread between the two rates last week. Earlier in the year, he noted the rate had climbed to 7.17%, up from 6.35% a year prior, alongside a 10-year Treasury yield of 4.96% in a prior update. The sustained high levels mark a notable development in recent mortgage market activity.