30-Year Mortgage Rate Spikes to 7.28%, Biggest Weekly Jump in About 4 Years, as 10-Year Treasury Yield Hits...

The 30-year mortgage rate just spiked to 7.28%, its biggest weekly jump in about 4 years. Everyone keeps waiting for the Fed to cut and rescue housing. It will not.
Mortgage rates track the 10-year Treasury, not the Fed funds rate, and the 10-year just hit its highest level in more than 20 years. The long end is selling off because Washington is running massive deficits and corporate America is borrowing heavily to build out AI. Yields push up, and mortgages ride right along with them.
So the Fed can keep cutting the front end and it does nothing for the 30-year mortgage. Housing stays frozen, with a record number of owners locked into 3% loans refusing to sell, until the bond market stops selling off. That does not happen while the deficits keep growing.