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30-Year Mortgage Rate Hits 7.31%, Highest Since 2000

The average long-term U.S. mortgage rate has continued to jump, hitting an almost 23-year high. So reports ABC News.

arrow 2790272 640According to Freddie Mac, the 30-year fixed-rate mortgage rate averaged 7.31% as of September 28, up from 7.19% the previous week and 6.70% one year earlier.

Freddie Mac’s chief economist, Sam Khater, said in a statement that along with rising home prices, the added borrowing costs “are causing both buyers and sellers to hold out for better circumstances.”

Read the full article from ABC News. 

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