30-YEAR MORTGAGE RATE HITS 7.28%, HIGHEST SINCE 2023

The average 30-year fixed mortgage rate climbed to 7.28% as of October 1, the highest level since November 2023, according to Freddie Mac. That's up from 7.03% a week earlier and 6.34% a year ago, piling pressure on homebuilders tracked by the $XHB fund. Higher-for-longer yields are now pricing directly into the mortgage market.