Mortgage rates hit 7.58%, approaching 3-year high

Mortgage rates closed in on 7.6% Tuesday as Treasury yields continued to move higher.

The average 30-year fixed-rate mortgage rate hit 7.58% on Tuesday, per Mortgage News Daily. That's up 8 basis points from Monday, and is the highest level since November 2023.

The 10-year Treasury yield ( ^TNX ), which mortgage rates closely track, was up around 4 basis points to 5.28% as of midday.

Rates remain some distance from late 2023's peak around 7.8% — though not terribly far off — and could easily be enough to chill home sales ahead of the market's typical winter slowdown.

Sitting at 6.75% on Aug. 26, mortgage rates crossed the 7% threshold around Sept. 10 and have continued rising amid the volatility in bond markets, driven by growing investor concern about oil prices , inflation , and future Federal Reserve rate hike s .

Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages, and home insurance.