The average rate for a 30-year fixed mortgage in the U.S. rose to 7.28% as of October 1, according to data released by Freddie Mac on Thursday (October 1). This represents a 25-basis-point jump from the previous week, marking the largest single-week increase since October 2022 and pushing U.S. mortgage rates to their highest level since late 2023. This surge in rates comes as the U.S. Treasury market experienced its worst monthly sell-off in four years in September, with 10-year Treasury yields subsequently hitting a more than 20-year high.