Posted 10/5/2023, 6:50:58 PM
Mortgage Rates Hit 7.49%, Highest in Over 20 Years As Housing Affordability Worsens
- Average long-term U.S. mortgage rate reaches 7.49%, highest level in over two decades
- Rate increase driven by rising 10-year Treasury yield and expectations for higher Fed interest rates
- Higher rates reduce home affordability, discouraging buyers and sellers
- Weekly average 30-year mortgage rate has stayed above 7% since mid-August
- Elevated rates and low inventory worsening affordability crunch with prices still near record highs
