Federal Reserve announcements or major financial news outlets

U.S. 30-Year Mortgage Rates Surge to 7.50%, Applications Up 3.3%

Apr 17, 2024, 11:00 AM

U.S. mortgage rates have reached new highs in 2024, with the average rate on a 30-year fixed mortgage escalating to 7.50%, marking a significant increase from earlier rates. This surge is attributed to the spread, which has widened to 284 basis points. The rise in rates comes despite a recent uptick in mortgage applications, which increased by 3.3% from a previous 0.1%. The increase in mortgage rates is notable since it represents the highest level since early December 2023, a period when the Federal Reserve considered discussions on rate cuts premature. Previously, on April 15, the rate was reported at 7.44%.