US mortgage rates climbed for a sixth straight week to an almost three-year high, thwarting would-be homebuyers.

The contract rate on a 30-year fixed mortgage rose 18 basis points in the week ended Sept 25 to 7.30%, the highest since November 2023, according to Mortgage Bankers Association figures released Wednesday. The rate on a five-year adjustable mortgage surged 37 basis points to 6.47% — the highest in more than two years.

Higher home-financing costs are spelling more difficulty for an already troubled housing market. The MBA purchase index, which measures loan applications, fell 4.3% to the lowest level since April 2025. The group’s refinance gauge tumbled another 8.7%, extending a skid dating back to mid-August.

 

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