The 30-year fixed-rate mortgage averaged 7.03% as of September 24, 2026, up from last week when it averaged 6.95%, a year ago at this time the 30-year FRM averaged 6.30%. 30-year mortgage rates hit 7.12%, the highest since May 2024, as the Fed's rate hike and rising Treasury yields squeeze homebuyers nationwide.
Overall mortgage applications fell 1.5% from the previous week, while refinance applications dropped 3% week-over-week and are now down 62% compared with the same time last year. Higher rates can tack on hundreds of dollars to a homebuyer's monthly payment, pricing out households already stretched thin.
The uptick follows the Federal Reserve's September 16 decision to raise the target federal funds rate by 25 basis points to a range of 3.75% to 4.00%, the central bank does not directly set mortgage rates but its decisions can influence bond markets and the 10-year Treasury yield in turn affects what lenders charge borrowers, persistent inflation worries and elevated oil prices have also contributed to the run-up in borrowing costs.
16 of 19 members of the Federal Open Market Committee expect at least one more rate hike this year, signaling that borrowing costs may remain elevated through year-end absent a material shift in inflation data.
Oracle is moving to shield itself from racking up expenses on a massive data center being built in New Mexico, with the technology giant sending the project's developer, a unit of Blue Owl Capital Inc., a notice citing force majeure to attempt to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned. The notice follows a string of setbacks at the site, many tied to its energy supply; the campus designed to handle 2.45 gigawatts is meant to run on gas-powered fuel cells from Bloom Energy, and an Energy Transfer pipeline intended to deliver gas to the site has been delayed nearly six months to February 1, 2027, after regulators repeatedly denied permits. Oracle stock fell 4% following the news.
People Inc. withdrew its proposal to acquire all public shares of MGM Resorts International on Wednesday, ending a months-long effort to take the casino operator private; People Inc. chairman Barry Diller had offered $48.30 per share in cash in June, a bid that valued MGM Resorts at more than $18 billion. Diller cited the complexity of the transaction and the unlikelihood of meeting necessary conditions as the primary reasons for the withdrawal. MGM stock fell more than 8% in after-hours trading following the announcement.
Durable goods orders are forecast to decline 0.3% in August data due this morning; as traders approach a pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Friday, September 25, 2026, with the day's spotlight falling on durable goods orders which will provide insights into manufacturing sector strength and future production trends. Durable goods orders is the tier-one US item and has historically driven front-end repricing only when the core capital goods component deviates materially from trend.
With 30-year mortgage rates at 7.03%, the highest since May 2024, and 62% fewer refinance applications year-over-year, small and mid-sized businesses financed by real estate loans or reliant on property collateral face rising borrowing costs. Higher rates tack on hundreds of dollars to monthly payments, squeezing businesses already managing margin pressures from tariffs and labor costs. The manufacturing and capital investment outlook remains cloudy; durable goods data due this morning will signal whether business confidence is holding or cracking under the weight of higher rates, trade friction, and inflation persistence.
Beginning at 12:01 a.m. Eastern Time on September 29, 2026, certain Canadian products identified in relevant annexes will be prohibited from entering the United States, and the Office of the US Trade Representative has initiated a Section 301 investigation to evaluate whether foreign government policies are contributing to structural excess manufacturing capacity, and while no tariffs have been announced, the investigation may lead to additional Section 301 tariffs, import restrictions, or other trade remedies later in late 2026. Operators should map supply chain tariff exposure now as the rules are being rewritten in real time.