The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, nearly 23 years, further dimming the affordability outlook for many would-be homebuyers.
The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.66%.
The combination of elevated rates and low home inventory has worsened the affordability crunch by keeping home prices near all-time highs even as sales of previously occupied U.S. homes have fallen 21% through the first eight months of this year versus the same stretch in 2022. This is the fourth consecutive week that mortgage rates have moved higher. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 8, 2000, when it averaged 7.57%.
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