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A smaller-than-expected Treasury buyback announcement drove rates to their highest level in more than a year
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The 30-year fixed mortgage rate crossed above 7% on Wednesday, reaching its highest level since May 2025, according to Mortgage News Daily.
The move came after the government announced the size of its next Treasury buyback program, and the figure fell short of what markets had anticipated. Treasury buybacks can temporarily lift demand for government bonds and push yields — and by extension mortgage rates — lower. A smaller-than-expected announcement had the opposite effect, reducing anticipated demand and nudging rates higher.
