Home loans are still expensive: the average rate on a 30-year fixed mortgage was 7.534% on Wednesday, according to Mortgage Research Center data reviewed by Fortune. That is just under Tuesday's 7.542%, but up from 7.455% a week ago.

The 15-year fixed rate averaged 6.722%. Rates on loans backed by the Federal Housing Administration averaged 6.904%. Jumbo loans, which are too big for standard limits, averaged 7.663%.

Other trackers show the same picture, as NerdWallet put its 30-year average at 7.43% on Wednesday. It said that was its highest level since May 2024, and 1.25 percentage points higher than a year ago.

What it costs: At 7.534%, a $300,000 30-year loan would carry about $457,670 in interest over its life, Fortune calculated.

Buyers have pulled back, and mortgage applications fell 6% in the week ending Sept. 25, the Mortgage Bankers Association said. "Mortgage rates jumped to their highest level in almost three years, pushing borrowers to the sidelines," said MBA economist Joel Kan.

Why so high? Mortgage rates tend to follow long-term bond yields, and those yields have climbed sharply this fall. The 10-year Treasury yield touched about 5.34% recently, the highest since 2002. The Federal Reserve also raised its key rate in September for the first time since 2023. The Fed does not set mortgage rates directly, but its moves can ripple out to them.

Wednesday brings two tests. The government sells $39 billion of 10-year notes at 1 p.m. ET, and the Fed releases minutes of its September meeting at 2 p.m. ET.

Some background: Mortgage rates hit a record low of 2.65% in January 2021, when the Fed held its rate near zero during the pandemic. Experts do not expect rates to go that low again, Fortune noted.

Shopping around still helps, because borrowers who compare offers from several lenders could save $600 to $1,200 a year, according to Freddie Mac research cited by NerdWallet and Fortune.

What we know: The 30-year rate sits above 7.4% on two trackers.
What we don't: Whether Freddie Mac's weekly survey on Thursday shows another rise.