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Mortgage rates jump sharply higher, after easing for 4 straight weeks

CNBC • November 11, 2026 • business

Key Points:

Mortgage rates rose sharply on Tuesday, with the average 30-year fixed mortgage rate increasing 12 basis points to 7.30%, marking the largest one-day jump in over a month following a hotter-than-expected inflation report.
The consumer price index revealed broad inflationary pressures beyond fuel costs, reinforcing concerns about an overheating economy after recent strong employment data.
This rate increase ended a four-week decline in mortgage rates, which had helped boost mortgage demand, including a 6.2% rise in applications last week according to the Mortgage Bankers Association (MBA).
Despite the recent rebound in applications, refinance requests remain 57% lower than the same period last year, though FHA rates falling below 7% have aided first-time homebuyers.
Experts note that the Federal Reserve's focus on controlling inflation over maximizing employment influenced the market's swift reaction to the inflation data.

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