10/09/2026
Mortgage rates just hit their highest level since 2023. Here's what drove it.
Monday started with the 10-Year Treasury at 5.31%, already at multiyear highs.
Tuesday brought a little breathing room. Yields slipped back a few points and stocks hit a record.
Wednesday flipped it again. Minutes from the Fed's September meeting showed the vote to hike was unanimous, and the 10-Year spiked to around 5.36%, its highest level since 2002. A strong 10-Year auction pulled yields back off the peak, but the damage was done.
Thursday added fuel. Oil jumped about 5% on fresh signs of escalation in the Middle East, and Fed Governor Waller said multiple more rate hikes may be needed to get inflation under control. Jobless claims stayed low, so the labor market isn't giving the Fed a reason to back off.
Friday finally gave markets a breather. Trump said the U.S. won't attack Iran before the midterms, oil eased a bit, and the 10-Year settled near 5.25%. Brent is still above $100.
All of that pushed the average 30-year fixed rate to 7.4% this week, up from 7.28% the week before, according to Freddie Mac.
If you're waiting for rates to drop, this week gave no sign that's coming soon. What you can control is knowing your numbers. DM me and let's run them. 📊
