{"id":71375,"date":"2026-09-03T12:38:12","date_gmt":"2026-09-03T16:38:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-mortgage-rates-hit-13-month-high-as-saudi-aramco-adjusts-october-oil-pricing\/71375\/"},"modified":"2026-09-03T12:38:12","modified_gmt":"2026-09-03T16:38:12","slug":"us-mortgage-rates-hit-13-month-high-as-saudi-aramco-adjusts-october-oil-pricing","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-mortgage-rates-hit-13-month-high-as-saudi-aramco-adjusts-october-oil-pricing\/71375\/","title":{"rendered":"US Mortgage Rates Hit 13-Month High as Saudi Aramco Adjusts October Oil Pricing"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US 30-year fixed mortgage rates rose to 6.71%<\/strong>, marking the highest level since <strong>July 2025<\/strong> and adding significant pressure to the housing market.<\/li>\n<li><strong>Saudi Aramco (<a href=\"\/stock\/ARMCO\">ARMCO<\/a>)<\/strong> set its October Official Selling Price (OSP) for Arab Light crude to Northwest Europe at <strong>minus $2.15 per barrel<\/strong> relative to ICE Brent.<\/li>\n<li>The 15-year fixed-rate mortgage average climbed to <strong>6.04%<\/strong>, up from <strong>5.98%<\/strong> the previous week, further straining refinancing activity.<\/li>\n<li>Saudi Arabia maintained a premium for US-bound Arab Light crude at <strong>plus $4.60 per barrel<\/strong> over the Argus Sour Crude Index (ASCI).<\/li>\n<li>Market analysts attribute the rise in mortgage rates to a global bond market sell-off and persistent inflation concerns linked to Middle East tensions.<\/li>\n<\/ul>\n<h2>Mortgage Rates Surge to 13-Month Peak<\/h2>\n<p>The average rate on a <strong>30-year fixed-rate mortgage<\/strong> in the United States climbed to <strong>6.71%<\/strong> for the week ending September 3, 2026, according to Freddie Mac (<a href=\"\/stock\/FMCC\">FMCC<\/a>). This represents a notable increase from the previous week&#39;s average of <strong>6.66%<\/strong> and stands as the highest borrowing cost for homebuyers since <strong>July 31, 2025<\/strong>.<\/p>\n<p><em>Chief Economist Sam Khater<\/em> noted that while purchase demand has remained relatively stable, buyers are increasingly forced to adapt to a &quot;higher-for-longer&quot; interest rate environment. The benchmark 15-year fixed-rate mortgage, a popular choice for those looking to refinance, also saw an uptick to <strong>6.04%<\/strong>, compared to <strong>5.98%<\/strong> just one week ago.<\/p>\n<h2>Saudi Aramco Adjusts Global Crude Pricing<\/h2>\n<p>In the energy sector, state-owned oil giant <strong>Saudi Aramco (<a href=\"\/stock\/ARMCO\">ARMCO<\/a>)<\/strong> released its pricing document for October 2026 deliveries. The kingdom set the Official Selling Price (OSP) for its flagship <strong>Arab Light crude<\/strong> to Northwest Europe at <strong>minus $2.15 per barrel<\/strong> against the ICE Brent settlement. This pricing strategy reflects a continued effort to remain competitive in the European market amid shifting supply dynamics in the Atlantic Basin.<\/p>\n<p>Conversely, the pricing for North American customers remained elevated. Saudi Arabia set the October OSP for Arab Light crude to the United States at a premium of <strong>plus $4.60 per barrel<\/strong> over the Argus Sour Crude Index (ASCI). This divergence in regional pricing highlights the different demand-supply balances currently playing out across the global refining complex.<\/p>\n<h2>Market Implications and Economic Outlook<\/h2>\n<p>The dual pressure of rising borrowing costs and energy price volatility continues to weigh on the broader economic outlook. Mortgage rates, which typically track the <strong>10-year Treasury yield<\/strong>, have been pushed higher by a global bond sell-off as investors react to a gross national debt exceeding <strong>$40 trillion<\/strong> and ongoing geopolitical risks.<\/p>\n<p><em>Market participants<\/em> are closely watching the Federal Reserve&#39;s upcoming policy meeting, as persistent inflation remains above the <strong>2% target<\/strong>. Higher energy costs, influenced by Saudi pricing and Middle East stability, remain a primary channel through which inflation could flare up again, potentially keeping mortgage rates in the mid-to-upper 6% range for the remainder of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US 30-year fixed mortgage rates rose to 6.71%, marking the highest level since July 2025 and adding significant 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