US 30-Year Mortgage Rate Rises to 7.60%, Highest Since November 2023

US 30-year mortgage rates jumped to 7.60%, up 160 basis points from lows seven months ago, as the 30-year Treasury yield hit a 24-year high. The move reflects ongoing Fed tightening and higher-for-longer rate expectations driven by persistent PCE inflation at 3.7% versus the 2% target. USD strength likely continues; next catalysts are Kashkari and Waller speeches and jobless claims data.