Mortgage rates reach 8% for first time since 2000 after months of increases.
The 30-year fixed mortgage rate this week climbed to 8%, reaching that level for the first time since 2000, according to
The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates."profound concern" about rising mortgage rates in a letter last week that urged the Federal Reserve to stop hiking its benchmark interest rate.
Sales of previously owned homes, meanwhile, plummeted more than 15% in August compared to a year ago, according to theWhen the Fed initiated the rise in bond yields with its first rate hike of the current series, in March of 2022, the average 30-year fixed mortgage rate stood at just 4.42%,
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