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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

Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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