{"id":12602,"date":"2023-08-17T20:24:14","date_gmt":"2023-08-17T20:24:14","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/mortgage\/mortgage-rates-reach-highest-level-in-over-20-years\/"},"modified":"2023-08-17T20:24:14","modified_gmt":"2023-08-17T20:24:14","slug":"mortgage-rates-reach-highest-level-in-over-20-years","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12602","title":{"rendered":"Mortgage rates reach highest level in over 20 years"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>The average rate for a 30-year fixed mortgage is now at its highest level in over 20 years, Freddie Mac reported Thursday.<\/p>\n<p>Freddie Mac&#8217;s latest Primary Mortgage Market Survey shows that the average rate for the benchmark 30-year fixed note hit 7.09% this week for the first time since 2002, topping 7% for the first time since last November after rising from 6.96% the week before.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>At this time last year, 30-year fixed rate products averaged 5.13%.<\/p>\n<p>The rate for a 15-year fixed mortgage also rose, averaging 6.46% after coming in at 6.34% last week. One year ago, the rate for a 15-year fixed note averaged 4.55%.<\/p>\n<p><strong>REAL ESTATE EXPERTS SAY \u2018CHALLENGES\u2019 TO BUYERS AND SELLERS ARE THE \u2018GREATEST EVER\u2019<\/strong><\/p>\n<p>&#8220;The economy continues to do better than expected, and the 10-year Treasury yield has moved up, causing mortgage rates to climb,&#8221; said Sam Khater, Freddie Mac\u2019s Chief Economist. &#8220;Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.&#8221;<\/p>\n<p>A recent report from Realtor.com showed that the number of available homes on the market in June was down more than 47% from the typical amount before the <u>COVID-19 pandemic<\/u> began in early 2020.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/1692303854_304_homes-neighborhood.jpg\" alt=\"new homes being build in Sacramento, California\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The <u>Federal Reserve&#8217;s<\/u> aggressive interest-rate hike campaign sent mortgage rates soaring last year, and sellers who locked in a low mortgage rate before the pandemic have been reluctant to sell and jump into a higher rate on a new property, leaving few options for buyers.<\/p>\n<p><u>High inflation<\/u> has driven the Federal Reserve to raise its benchmark interest rate 11 times since March 2022. Its fed funds rate has hit the highest level in 22 years.<\/p>\n<p><strong>FED OFFICIALS SEE ONGOING INFLATION RISKS THAT COULD REQUIRE MORE RATE HIKES, MINUTES SHOW<\/strong><\/p>\n<p>Realtor.com economist Jiayi Xu said in a statement Thursday rates could remain high for the foreseeable future.<\/p>\n<p>&#8220;Despite still high prices and elevated interest rates, July\u2019s retail sales data showed consumer spending continues to increase solidly as demand is being boosted by high wage growth,&#8221; Xu said. &#8220;While this robust data might alleviate worries about an imminent recession, it could give rise to concerns that interest rates might stay elevated for an extended period.&#8221;<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/powell-10.24.22.jpg\" alt=\"Federal Reserve Chairman Jerome Powell\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>&#8220;Meanwhile, it is worth noting that the Fed is moving cautiously to ensure that the effects of earlier rate hikes are fully revealed,&#8221; Xu continued. &#8220;As a result, the Fed may opt to take another &#8220;wait-and-see&#8221; strategy in the upcoming FOMC meeting, which may help potentially mitigate the recent upward trajectory of mortgage rates.&#8221;<\/p>\n<p><strong><\/strong><\/p>\n<p><i>FOX Business&#8217; Megan Henney contributed to this report.<\/i><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/economy\/mortgage-rates-highest-level-20-years\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average rate for a 30-year fixed mortgage is now at its highest level in over 20 years, Freddie Mac reported Thursday. Freddie Mac&#8217;s latest Primary Mortgage Market Survey shows that the average rate for the benchmark 30-year fixed note hit 7.09% this week for the first time since 2002, topping 7% for the first<\/p>\n","protected":false},"author":1,"featured_media":9714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":{"0":"post-12602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage rates reach highest level in over 20 years | iSafeSpend<\/title>\n<meta name=\"description\" content=\"The average rate for a 30-year fixed mortgage is now at its highest level in over 20 years, Freddie Mac reported Thursday. 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