Today’s average interest rate on a 30-year purchase mortgage is 7.248%, which is higher than Friday’s reading of 7.217%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 7.365%, and the current 15-year rate is 6.49%.

Mortgage rates track the yield on 10-year Treasury notes, and 10-year yields surged to the highest levels since 2007 ahead of the Federal Reserve’s September meeting as the bond market priced in a rate hike. The Fed doesn’t directly set mortgage rates but does set monetary policy that influences rate trends.

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