The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar
Publishing timestamp: 2023-10-18 13:42:52
Summary
The average rate on 30-year fixed mortgages has reached 8%, the highest level since mid-2000. This increase in mortgage rates has caused a decline in mortgage applications. Homebuilders are using buydowns to help customers afford homes, a strategy they have not used extensively in the past. The rise in rates has led to a significant increase in monthly mortgage payments compared to two years ago.
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Keywords: mortgages, business news, housing, real estate, dr horton inc, breaking news: markets, breaking news: economy, u.s. 10 year treasury,