HomeBusinessMortgage rate heads toward 8%

Mortgage rate heads toward 8%

Ryan Ratliff, center, real estate sales associate with Re/Max Advance Realty, shows Ryan Paredes, left, and Ariadna Paredes a home for sale in Cutler Bay, Florida, on April 20, 2023.

Joe Raedle | Getty Images

The average rate on the popular 30-year fixed mortgage rose to 7.72% on Tuesday, according to Mortgage News Daily.

Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week following strong economic data. Rates have not been this high since the end of 2000.

At the beginning of this year, the 30-year fixed rate dropped to around 6%, causing a brief burst of activity in the spring housing market. But it began rising steadily again over the summer, causing sales to drop, despite strong demand. The current trend appears to be even higher, with the possibility of rates crossing over 8%.

The Federal Reserve did not raise interest rates two weeks…

Read more at www.cnbc.com

- Advertisment -

Most Popular