30-year mortgage rates climb to about 7.45% as daily index shows increase

The daily mortgage rate index reported a rise to 7.45%, up from 7.26% the previous day, indicating that 30-year fixed mortgage rates have moved above the 7% threshold. The index, which adjusts for points and buy-downs to provide a consistent comparison over time, differs from Freddie Mac's weekly survey that showed a 7.03% average based on rates collected between the prior Wednesday and the day before.

Analysts note that the weekly survey can be skewed by lower rates earlier in the five-day averaging period and does not capture same-day fluctuations. The daily index suggests that rates first breached the 7% level on September 10 after inflation data heightened expectations of a Federal Reserve rate increase.

"Higher oil prices, stronger economic data and concerns about upcoming economic reports are contributing to the upward pressure on mortgage rates," the commentary added.

While some lenders may still quote mortgage note rates in the high-6% range, such offers typically involve additional upfront points or buy-downs compared with the index’s methodology.