30-Year Mortgage Rate Hits 3-Year High as Election Nears

U.S. mortgage rates hit 7.49%, the highest in nearly three years, worsening home affordability ahead of key elections.

October 7, 2026 One Min Read

POLICY WIRE — Washington, D.C. — The average 30-year fixed-rate mortgage reached its highest level in almost three years, reaching 7.49% for the week ending October 2, according to the Mortgage Bankers Association.

The surge, which marked a 19-basis-point increase, was the largest weekly jump in four years and pushed borrowing costs to their highest since November 2023. This development is expected to further strain homebuyers as the nation approaches the November 3 election, which will determine control of Congress.

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Mortgage rates have closely followed the yield on 10-year Treasury notes, which recently hit a 24-year high due to concerns over inflation and strong economic growth. With the cost of living remaining a top concern for voters, President Donald Trump’s approval rating has dropped to a record low of 32%, as reported by a Reuters/Ipsos poll.

Reporting by Policy-Wire (PW)

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