NAC Weekly No. 30: US Mortgage Rates Break Above 7%
7 min read1,498 wordsĐọc bằng tiếng Việt →

NAC Weekly No. 30: US Mortgage Rates Break Above 7%

US 30-year mortgage rates reach 7.03%, Vietnam condo prices are up 8.4% this year and markets expect Australia to raise rates. Five stories from the week.

Borrowing got dearer in several markets at once this week. US 30-year mortgage rates reached 7.03%, the highest since January 2025, UK two-year fixes rose to 5.29%, and the Reserve Bank of Australia's governor warned on inflation as markets braced for a fourth rise this year. At home, apartment prices are up 8.4% since January, and Portuguese house prices rose 16.5% in a year even as sales fell.

Market pulse, week of 21–27/9/2026

US 30-year mortgage rate7.03%▲ 0.08 pt on the weekFreddie Mac, 24 Sep
VND central rate25,641 per USD▲ 4 dong on the weekState Bank of Vietnam, 25 Sep
Vietnam apartment prices+8.4%▲ 3.2% since June20 provinces, year to date
RBA cash rate4.35%▲ 0.75 pt since FebruaryNext meeting 28–29 Sep
UK asking prices£367,440▲ 0.7% on AugustRightmove, 21 Sep
Portugal house prices+16.5%▲ 1.3 pt slower than Q1INE, Q2 2026, year on year

Source: Freddie Mac (24 Sep); Thoi bao Ngan hang (28 Sep); Doanh nghiep va Tiep thi (25 Sep); investingLive, XTB (21 and 22 Sep); Rightmove (21 Sep); INE (22 Sep)

Signals this week

Prices and dealsMoney and ratesRules and process
🇺🇸 United StatesPrices and deals—Money and rates30-year mortgages above 7%Rules and process—
🇻🇳 VietnamPrices and dealsApartment prices up 8.4% this yearMoney and ratesDong edges 4 points weakerRules and process—
🇦🇺 AustraliaPrices and dealsNo new price dataMoney and ratesMarkets expect an RBA hikeRules and process—
🇬🇧 United KingdomPrices and dealsAsking prices up 0.7% on the monthMoney and ratesTwo-year fixes at 5.29%Rules and process—
🇵🇹 PortugalPrices and dealsPrices up 16.5%, sales down 6.4%Money and rates—Rules and process—
▲rising▼falling●steady / watch

Source: NAC, compiled from the sources in this issue

🇺🇸 United States · Mortgage rates top 7% for the first time in 20 months

A suburban housing estate in Colorado Springs, seen from the air7.03%

average US 30-year fixed mortgage rate, week to 24 September 2026Freddie Mac, 24 SepPhoto: David Shankbone, Wikimedia Commons, CC BY-SA 3.0

Freddie Mac's weekly mortgage survey, released on 24 September, put the average 30-year fixed rate at 7.03%, up from 6.95% a week earlier and above 7% for the first time since January 2025. The 15-year rate rose to 6.42%. Rates climbed after the Fed raised its policy rate in mid-September, as Thoi bao Ngan hang's weekly economic review noted.

For Vietnamese investors: high dollar rates spill into markets that use or peg to the US dollar, such as Panama and Dubai. Families planning to borrow should budget for a cost of money around 7% a year and favour properties whose rent covers the interest.

🇻🇳 Vietnam · Apartment prices up 8.4% in nine months

Apartment towers and Landmark 81 on the Saigon River, Ho Chi Minh City, at dusk+8.4%

average apartment price across 20 tracked provinces and cities, versus the start of 2026Biggee.vn, via Doanh nghiep va Tiep thi 25 SepPhoto: Lê Minh Phát, Wikimedia Commons, CC BY 2.0

Doanh nghiep va Tiep thi reported on 25 September that average apartment prices across 20 provinces and cities are up 8.4% on January and 3.2% on June, with only one locality falling. The data come from Biggee.vn and were first published by CafeBiz on 17 September. Project land plots have stalled, down 1.2% since June.

For Vietnamese investors: apartments are still the segment holding value best at home. The central rate ended the week at VND 25,641 per dollar, up just 4 dong. Per NAC's listing data, The Prince Residence in Phu Nhuan, handed over in 2015, starts at about USD 144,000 with an estimated gross yield of 5.5%.

🇦🇺 Australia · RBA governor warns on inflation ahead of the 29 September meeting

Sydney CBD, the Opera House and the Harbour Bridge4.35%

RBA cash rate after three rises since February 2026investingLive, 21 SepPhoto: Chris Olszewski, Wikimedia Commons, CC BY-SA 4.0

Speaking at a CEDA fireside chat in Sydney on 22 September, Reserve Bank of Australia governor Michele Bullock linked inflation risks to tension in the Middle East and strong domestic demand, partly from the artificial intelligence sector, according to XTB's summary. Before she spoke, investingLive reported that markets priced a 70–75% chance of a quarter-point rise at the 28–29 September meeting.

For Vietnamese investors: borrowing costs in Sydney and Melbourne may rise further, while cash buyers are less exposed. Per NAC's listing data, 180 George in Parramatta was completed in 2023 with an estimated gross yield of 5%, and 640 in Melbourne's CBD starts at AUD 658,000, with handover expected in 2029.

🇬🇧 United Kingdom · Asking prices rise 0.7% in September

Brick terraced houses on Barton Street, Westminster, London+0.7%

average asking price of newly listed UK homes, September on August, to £367,440Rightmove, 21 SepPhoto: Richard Symonds, Wikimedia Commons, CC BY-SA 4.0

Rightmove's house price index, published on 21 September, shows the average asking price up 0.7% to £367,440, the first monthly rise since May, though still 0.8% below a year ago. London prices rose 1.8% on the month to £657,775 but are down 2.6% on the year. Stock is at a 12-year high for the season, and the average two-year fix has risen to 5.29%.

For Vietnamese investors: plentiful supply gives London buyers more room to negotiate. Per NAC's listing data, Palmer House at Fulham Reach starts at £576,000 with an estimated gross yield of 5.2%, and The Halo at Oval Village starts at £685,000, with handover expected in 2028.

🇵🇹 Portugal · House prices up 16.5% as sales keep falling

Alfama rooftops above the Tagus River, Lisbon+16.5%

Portugal's house price index, Q2 2026 on a year earlierINE, 22 SepPhoto: Dale Cruse, Wikimedia Commons, CC BY 4.0

On 22 September, Statistics Portugal (INE) reported that house prices rose 16.5% year on year in the second quarter, 1.3 points slower than in the first. Sales fell 6.4% to 40,142 homes, yet their value rose 4.2% to €10.7 billion. As The Portugal News noted, it was the third straight quarter of falling sales.

For Vietnamese investors: buyers taxed abroad bought 1,890 homes, 10.3% fewer than a year earlier. With prices up by double digits and foreign buyers pulling back, families eyeing Lisbon or Porto should weigh rental yield before momentum. Portugal's golden visa no longer includes a property route; see NAC's Portugal golden visa guide.

Next week

Mon28/9RBA begins its two-day policy meeting
Tue29/9RBA rate decisionUS job openings (JOLTS) for August
Wed30/9Vietnam Treasury offers VND 18,000 billion of government bonds
Thu1/10Fed Vice Chair Philip Jefferson speaks on the US economy and monetary policy
Fri2/10US jobs report for September
Sat3/10
Sun4/10

Source: RBA, US Bureau of Labor Statistics, the Fed and Thoi bao Ngan hang

NAC strategic insight

With borrowing costs rising at once in the US, the UK and possibly Australia, we favour finished assets, bought mostly with equity, whose rent covers the interest if a loan is needed. In Portugal, prices are outrunning the number of buyers, so rental yield should come before price momentum. If you'd like to see where your family's portfolio stands after this week, book a consultation with NAC.

Markets in this issueVietnam, Australia and the UK all had price or rate news this week
🇻🇳 VietnamBranded homes in Da Nang, Ho Tram and HCMCSaigon by nightExplore the market →🇦🇺 AustraliaNew apartments in Sydney and MelbourneCentral SydneyExplore the market →🇬🇧 United KingdomNew homes in London's regeneration districtsTower Bridge, LondonExplore the market →

The Prince Residence · 180 George Parramatta · 640 Melbourne · Fulham Reach · The NAC Residence Index

Sources