On October 7, U.S. mortgage rates rose for the seventh consecutive week, reaching the highest level in nearly three years, further exacerbating housing affordability issues in the country. Data released by the Mortgage Bankers Association (MBA) on Wednesday showed that for the week ending October 2, the average rate for a 30-year fixed mortgage increased by 19 basis points to 7.49%, the highest level since November 2023. Over the past three weeks, the 30-year mortgage rate has risen by approximately 0.5 percentage points, marking the fastest increase since the beginning of 2023. The combination of high home prices and rising mortgage rates has made it difficult for both existing and new home sales to maintain their previous recovery momentum. The MBA's mortgage application index for home purchases fell by 2.1%, reaching its lowest level in over a year, while the index measuring refinancing applications dropped by 7.5%, continuing a downward trend that began in mid-August.