Mortgage rate races toward 8% after hitting a high not seen since late 2000
Publishing timestamp: 2023-10-03 13:51:59
Summary
The average rate on a 30-year fixed mortgage has risen to 7.72%, the highest since the end of 2000. Mortgage rates are following the yield on the 10-year Treasury, which has been climbing due to strong economic data. The increase in rates has negatively impacted the housing market, with sales dropping despite strong demand. There is a possibility of rates crossing over 8%. Higher rates have affected affordability and builder sentiment has slipped into negative territory.
Sentiment: NEGATIVE
Tickers: US10Y,
Keywords: u.s. economy, real estate, breaking news: economy, housing, u.s. 10 year treasury, business news, mortgages,
Source: https://www.cnbc.com/2023/10/03/mortgage-rate-heads-toward-8percent.html