{"id":49668,"date":"2023-08-17T13:36:04","date_gmt":"2023-08-17T17:36:04","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/u-s-mortgage-rates-rise-to-the-highest-level-in-21-years\/"},"modified":"2023-08-17T13:36:07","modified_gmt":"2023-08-17T17:36:07","slug":"u-s-mortgage-rates-rise-to-the-highest-level-in-21-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49668","title":{"rendered":"U.S. mortgage rates rise to the highest level in 21 years"},"content":{"rendered":"
\n

Mortgage rates increased for the fourth week in a row, as the U.S. economy continues to show signs of strength while inflation is only slowly subsiding. <\/p>\n

The 30-year fixed-rate mortgage averaged 7.09% as of Aug 17, according to data released by Freddie Mac
\n FMCC,
\n +18.33%<\/bg-quote>
\n on Thursday.\u00a0<\/p>\n

The last time rates were this high was in April 2002 at 7.13%. <\/p>\n

\n

It\u2019s up 13 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0The 30-year was at 6.96% the previous week.<\/p>\n

A year ago, the 30-year was averaging at 5.13%.<\/p>\n

The average rate on the 15-year mortgage rose to 6.46% from 6.34% last week. The 15-year was at 4.55% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 7.37% as of August 17.<\/p>\n

What Freddie Mac said: <\/strong>\u201cThe economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.\u00a0<\/p>\n

The 10-year Treasury note
\n BX:TMUBMUSD10Y
\n crossed 4.3% as of midday Thursday. <\/p>\n

\u201cDemand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales,\u201d Khater added.<\/p>\n

What are they saying? <\/strong>Even after the 30-year rate crossed 7% last November, the \u201chousing market has been surprisingly resilient \u2026 [but]\u00a0 with prices even higher than they were a year ago in many markets, crossing the 7% mortgage rate threshold again could be what sets in motion a major contraction in the housing market this fall,\u201d Lisa Sturtevant, chief economist at Bright MLS, told MarketWatch.<\/p>\n

\u201cHigh mortgage rates will keep more buyers out of the market, but they also will continue to sideline sellers, contracting both sides of the market,\u201d she added, so \u201ceven though the overall housing market will be cool this fall, don\u2019t expect large price drops in most local markets.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates increased for the fourth week in a row, as the U.S. economy continues to show signs of strength while inflation is only slowly subsiding. The 30-year fixed-rate mortgage averaged 7.09% as of Aug 17, according to data released by Freddie Mac FMCC, +18.33% on Thursday.\u00a0 The last time rates were this high was […]<\/p>\n","protected":false},"author":1,"featured_media":29126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-49668","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. mortgage rates rise to the highest level in 21 years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Mortgage rates increased for the fourth week in a row, as the U.S. economy continues to show signs of strength while inflation is only slowly subsiding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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