Posted 10/5/2023, 6:10:00 PM
Mortgage Rates Hit 22-Year High, Driving Monthly Payments Up and Housing Demand Down
- Average 30-year mortgage rate jumped to 7.49% last week, highest since December 2000
- Rate hike makes homes even less affordable as prices remain near record highs
- Applications for home loans fell to 1995 lows according to Mortgage Bankers Association
- Monthly mortgage payments listed on applications up 18% versus last year
- Rate spike driven by expectations that Federal Reserve will keep rates high to fight inflation