World & BusinessMortgage rates top 7% as loan applications fall
CNBC reports that nearly 10% of borrowers opted for riskier mortgages as rates rose, with borrowers seeking savings through adjustable-rate loans offering lower rates.
TLDR
CNBC reported on September 23, 2026, that mortgage rates had reached their highest level since 2024 the previous week. The average contract rate for 30-year fixed-rate mortgages with conforming balances of $832,750 or less rose to 7.12% from 6.97% for loans with a 20% down payment.
Total application volume fell 1.5% from the prior week, CNBC says, citing the Mortgage Bankers Association’s seasonally adjusted index. CNBC also reports that nearly 10% of borrowers chose riskier mortgages, with adjustable-rate loans attracting borrowers seeking lower rates.
Mortgage rates top 7% as loan applications fall
CNBC reports that nearly 10% of borrowers opted for riskier mortgages as rates rose, with borrowers seeking savings through adjustable-rate loans offering lower rates.