Posted 10/4/2023, 9:20:04 PM
Mortgage Rates Hit 22-Year High as Home Loan Demand Plunges
- Mortgage rates reached highest since November 2000 last week, per Mortgage Bankers Association data
- 30-year fixed mortgage rate averaged 7.53% in week ended Sept. 29, up from 7.41% prior week
- Home loan applications fell 6% amid higher rates
- Applications dropped to lowest level since 1996
- 10-year Treasury yields climbed to highest since financial crisis, widening spread with mortgage rates
- Spread between 10-year yields and 30-year mortgages near record-wide levels
- Share of adjustable-rate mortgage activity rose to 8%, highest since March, as buyers sought affordable options
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