The average rate on a 30-year fixed mortgage stayed above 7% on Monday, following one of the fastest increases in years.

Rates slipped slightly today but remain high, with the average top-tier 30-year fixed rate just below 7.50%. The rate has risen more than half a percentage point in two weeks, a pace that occurred only three times between 2010 and 2019. Earlier this month, rates reached a long-term high of 7.17% and rose for six consecutive days.

Other loan types have followed. Average rates on 15-year loans and jumbo mortgages have also risen sharply.

The increase comes as the Federal Reserve raised its benchmark interest rate by a quarter percentage point on Sept. 16, to a range of 3.75% to 4%. The vote was unanimous, and it was the central bank’s first increase since 2023. Fed officials cited elevated inflation, with higher energy prices adding to price pressures. Updated projections showed most officials expect the benchmark rate to end the year between 4.1% and 4.4%.

Higher rates have meant lower demand. Mortgage applications decreased again last week, with both purchase and refinance activity lower.

Quoted rates are national averages, and individual offers depend on credit, down payment, and loan type. A locked rate does not change if market rates move afterward. Borrowers weighing a refinance may want to consider whether the new rate is at least half a percentage point below 

their current one.

Bond markets showed some signs Monday that upward momentum may be easing, though it remains unclear whether the pause will hold.