Posted 10/18/2023, 6:55:52 PM
Mortgage Rates Hit 8% for First Time in Over 20 Years as Inflation Fuels Fed Hikes
- 30-year mortgage rates reached 8% this week, the highest level since 2000
- The surge was driven by 30-year Treasury bond yields rising above 5% for the first time since 2005
- Mortgage applications fell nearly 7% last week, dropping to the lowest level since 1994
- Inflation and Fed interest rate hikes have caused Treasury bond values to plummet over 50% since 2020
- Mortgage expert says high inflation and strong economy make it hard for Fed to signal an end to rate hikes
