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Long-Term Mortgage Rates Hit 20-Year High

  • August 18th 2023

by UrbanTurf Staff

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Long-term mortgage rates rose this week to levels not seen since the early 2000s. 

Freddie Mac reported 7.09% as the average on a 30-year mortgage on Thursday, up 13 basis points from last week. 

“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s Chief Economist. “The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/long-term_mortgage_rates_hit_20-year_high/21370.

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