US 30-year mortgage rate rises 19 basis points to 7.45%

The average 30-year fixed US mortgage rate rose 19 basis points to 7.45% on Thursday. Mortgage News Daily recorded the move in its daily survey of brokers and lenders. The rate had fallen as low as 5.99% in late February. The rate began rising once the Iran war started. The Federal Reserve raised rates in September. Matthew Graham, Mortgage News Daily's chief operating officer, attributed the climb since September 10 to Fed commentary. Graham also pointed to higher oil prices. Graham also pointed to stronger economic data. Graham said he could not find a clear catalyst for Thursday afternoon's bond selloff. Mortgage rates tend to track longer-dated Treasury yields. The 10-year Treasury yield closed at 5.18% on Thursday, up from 4.96% on Tuesday. The Kobeissi Letter blamed inflation for the bond rout. It cited Brent crude above $105 a barrel. It cited record diesel prices. It noted that consumers expect inflation near 4.6% over the next year. Higher government debt yields increase the opportunity cost of holding Bitcoin. Bitcoin fell below $84,000 on Wednesday after strong US business activity data pushed the 10-year yield past 5%. By Friday, Bitcoin traded at $84,590. Bitcoin posted a modest gain over the past 24 hours. Solana gained 2.2% over the same period. XRP added 3.4% over the same period.