Mortgage rates reach highest level since 2000
Mortgage rates reach highest level since 2000
Mortgage rates have reached their highest level in nearly 23 years, another sign that the housing market will continue to be stuck in the doldrums.
The average rate on standard 30-year fixed mortgages rose to 7.31%, according to a survey of lenders released Thursday by mortgage finance giant Freddie Mac. This is the highest level since December 2000.
Mortgage rates have roughly doubled since early last year, when the Federal Reserve began its aggressive campaign to curb inflation. They are not directly tied to these movements, but tend to loosely track the 10-year Treasury yield. That hit its highest level in nearly 16 years on Wednesday, suggesting mortgage rates won’t be falling anytime soon.
Wj