Housing market stories

Oct 5, 2026

Mortgage rates rise to 7.28% ahead of midterms, complicating GOP economic message

The average 30-year fixed mortgage rate climbed to 7.28-7.49% last week, the highest level in nearly three years, dampening homebuyer demand and adding to economic headwinds for President Trump and Republicans just weeks before the midterm elections.

Oct 5, 20268 sources

Top claims

▪U.S. mortgage rates have risen by approximately 1.4 percentage points since joint U.S.-Israeli military strikes against Iran began in late February 2026.
▪The average contract interest rate on a 30-year fixed mortgage rose 19 basis points to 7.49% in the week ended October 2, 2026, marking its highest level since November 2023.
▪National Association of Realtors chief economist Lawrence Yun stated that lower oil prices or a job-cutting economic recession could cause mortgage rates to decline in the short term.

People involved

Donald Trump

Subtopics

Economic policy1 Interest rates1 Midterm elections1 Mortgage rates1 U.S. domestic politics1

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