The cost of financing a home surged again this week, keeping the average long-term U.S. mortgage rate at its highest level since December 2000.
A home under construction is shown on Sunday, Oct. 15, 2023 in Sudbury, Mass. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates. – The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000.
As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far low rates two years ago from selling. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 3.09%.
The combination of elevated rates and low home inventory has worsened the affordability crunch by keeping home prices near all-time highs even ascompared to the same period in 2022. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.
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