[U.S. 30-Year Mortgage Rate Holds at 7.4% for Eight Consecutive Weeks] According to a report by Jinse Finance, on October 16, data released by Freddie Mac on Thursday showed that the average interest rate for a 30-year fixed mortgage in the U.S. remained at 7.4%, near the highest level since November 2023, and higher than the 6.27% recorded during the same period last year. U.S. mortgage rates have not declined for eight consecutive weeks, marking the longest streak since 2021, with a cumulative increase of 75 basis points during this period. The rapid rise in borrowing costs is forcing sellers to lower prices and suppressing homebuying demand. Data from real estate brokerage Redfin shows that the number of pending home sales in the U.S. in September fell by 4% month-over-month, marking the largest decline in over three years and dropping to the lowest level since 2014, excluding the early pandemic period in 2020. Bright MLS Chief Economist Lisa Sturtevant predicts that high mortgage rates, rising inflation, and weak consumer confidence will lead to a significant slowdown in the U.S. housing market this fall, with total existing home sales potentially falling below 4 million units for the first time since the 1990s.