Housing sales sink to three-decade low as affordability crisis deepens
Housing sales plummet to 30-year lows amid ongoing affordability constraints and elevated mortgage rates.
Event / Economy
US Mortgage Rate Surge 2024
30-year fixed mortgage rates climb to 6.71%, the highest level in 13 months, driven by elevated inflation expectations linked to the US-Iran conflict and rising oil prices. The Federal Reserve signals possible rate increases as inflation remains above target, while the housing market continues its multi-year decline with sales near 30-year lows.
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2026-09-04 to 2026-11-07 · UTC publication dates
Coverage begins 4 Sept, 00:46 UTC
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What happened
30-year mortgage rate reaches 6.71%, highest in 13 months
The average rate on a 30-year fixed mortgage rose to 6.71% from 6.66% the previous week, according to Freddie Mac's Primary Mortgage Market Survey released Thursday. This marks the highest level since July 31, 2025, when the rate was 6.72%. One year ago, the average 30-year rate was 6.50%.
U.S.-Iran conflict drives oil prices higher, increasing inflation pressure
Renewed fighting between the U.S. and Iran has pushed crude oil prices higher. The conflict, which began in late February 2026, has fueled inflation expectations and kept pressure on oil markets. Higher oil prices increase inflation, which in turn drives up bond yields.
U.S. housing sales remain depressed, continuing 30-year low trend
Sales of previously occupied U.S. homes remain in a slump that has persisted since 2022 when mortgage rates began climbing from pandemic-era lows. Sales were essentially flat last year at a 30-year low, and slowed again in July 2026.
Federal Reserve Chair signals possible rate increase at September meeting
Fed Chair Kevin Warsh said at the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming that inflation had not shown sufficient improvement and that the central bank might have 'more work to do,' signaling a possible rate increase at the Fed's next meeting scheduled for September 15-16.
10-year Treasury yield rises to 4.74%
The 10-year Treasury yield stood at 4.74% as of Thursday afternoon, up from 4.67% the previous Thursday. Before the U.S.-Iran conflict began in late February, the yield was 3.97%.
15-year mortgage rate increases to 6.04%
The average rate on a 15-year fixed mortgage rose to 6.04% from 5.98% the previous week. One year ago, the 15-year mortgage rate was 5.60%.
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2 alternative perspectives
Geopolitical tensions push oil prices higher amid mortgage rate pressures
Geopolitical tensions boost oil prices, adding inflation pressure alongside rising mortgage costs.
Fed signals rate increase as mortgage costs climb to 13-month high
Fed signals possible September rate hike as mortgage rates spike to 13-month highs.