The average 30-year fixed mortgage rate jumped another 19 basis points to 7.49% in the week ended October 2, following an 18-basis-point increase the previous week and reaching its highest level since late November 2023, according to the Mortgage Bankers Association. It marked a seventh straight weekly increase, bringing the cumulative rise to 140 basis points since US-Israeli strikes against Iran began in late February. The latest increase followed another rise in Treasury yields, with both 10-year and 30-year rates reaching their highest levels since 2002 amid persistent energy-driven inflation and expectations for at least one more Fed hike this year, followed by further tightening in 2027. Total mortgage applications fell 4.2%, extending their decline to a fifth consecutive week. Refinancing applications dropped 7.5%, while purchase applications fell 2.1%.