Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly less affordable housing market.
High rates 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 rock-bottom 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 3.01%.
This is the third 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 mid-December 2000, when it averaged 7.42%. The central bank has already pulled its main interest rate to the highest level since 2001 in hopes of extinguishing high inflation, and itThe threat of higher rates for longer has pushed Treasury yields to heights unseen in more than a decade. The yield on the 10-year Treasury was at 4.61% in midday trading Wednesday. It was at roughly 3.50% in May and just 0.50% early in the pandemic.
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