Mortgage Rates Hit Highest Since 2023 as Treasury Yields Tighten Conditions

The bond market is increasingly transmitting tighter financial conditions into rate-sensitive parts of the economy.
The 30-year mortgage rate has reached its highest level since 2023 and recorded its largest jump in four years as Treasury yields remain near multi-decade highs. Mortgage purchase applications are declining alongside the move.
Stocks are also showing signs of slower momentum, with the S&P 500 gaining roughly 2% in Q3. Housing remains one of the clearest areas to watch because its sensitivity to borrowing costs can reveal the effects of higher rates before the pressure spreads more broadly.