Mortgage Rates Rise Above 7%

September 24, 2026

AI Summary

5 min read

Mortgage Rates Rise Above 7% as Bond Yields Hit Multi-Decade Highs

President Trump welcomed Chinese leader Xi Jinping to the White House on Thursday with an elaborate ceremony featuring a red carpet, military personnel holding both nations' flags, and a flyover of U.S. fighter jets and a stealth bomber. In joint remarks, Trump said "the decisions we make in these areas today can promote peace and prosperity for decades and decades to come." Xi made a notable reference to the "Thucydides trap"—the idea that conflict between a rising power and an established superpower may be inevitable—and said it can be avoided. He also announced plans to invite American students to China and send a pair of giant pandas to the Atlanta Zoo. But beneath the warm surface, serious tensions remain. WSJ National Security Reporter Robbie Gramer noted that the U.S. earlier this year accused China of violating the Comprehensive Test Ban Treaty, and China has repeatedly refused to engage in arms control talks. The key indicators of whether the summit yielded results, Gramer said, will be whether the two sides announce extensions on the trade war truce or agree to increase military lines of communication.

Bond Yields and Mortgage Rates Surge

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What you'll learn

1 (00:26) **Episode Open & Top Stories Preview** - President Trump welcomes Xi Jinping; bond yields and mortgage rates climb; the housing market's new normal.
2 (01:10) **Trump-Xi State Visit: Pomp and Tensions** - Trump and Xi hold a lavish welcome ceremony at the White House, with joint remarks emphasizing cooperation despite underlying disputes.
3 (02:57) **Nuclear Arms Control & Trade War Undercurrents** - The US accuses China of violating the comprehensive test ban treaty, adding pressure to talks, while trade war truce extensions are a key indicator of progress.
4 (04:25) **Netanyahu at UN: Defends War, Faces Walkout** - Israeli PM Netanyahu addresses the UN General Assembly as dozens of delegates walk out; he defends Israel's multi-front war and calls absent delegates "moral cowards."
5 (05:52) **White House Press Access Restored** - A federal judge lifts President Trump's ban on reporters from CNN, Politico, and MSNBC, ruling the administration likely didn't follow due process.
6 (06:25) **Tech Industry Fights H1-B Visa Fee** - A tech industry group asks the Trump administration to drop a proposed $100,000 fee for new H1-B visas, warning it would hurt US competitiveness in the AI race.
7 (07:01) **New York Sues Polymarket** - New York State sues prediction market company Polymarket, calling its operations illegal; the company says it will stay in New York and fight the lawsuit.

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Show Notes

P.M. Edition for Sept. 24. The average 30-year mortgage rate in the U.S. topped 7% this week for the first time since early last year–another hurdle for people looking to buy a home. But we hear about a silver lining in the housing market from Journal reporter Nicholas Miller. Plus, President Trump welcomes Chinese leader Xi Jinping to the White House with an extravagant ceremony. National security reporter Robbie Gramer discusses the leaders’ friendly tone at this morning’s joint address, and what lies ahead in the talks. And Israeli prime minister Benjamin Netanyahu made a defiant speech to the United Nations General Assembly, which highlighted his growing isolation on the world stage. Alex Ossola hosts.

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