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Mortgage Rates Rise to Highest Since December 2000

Pain for homebuyers has continued as U.S. long-term mortgage rates have posted their fourth straight weekly increase, climbing to a nearly 23-year high. So reports Bloomberg.

Freddie Mac 150x150According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.49% as of October 5, up from 7.31% the previous week and the highest level since December 2000.

Sam Khater, Freddie Mac's chief economist, said in a statement that inflation, the job market and uncertainty about the Federal Reserve led to “the highest mortgage rates in a generation.”

Read the full article from Bloomberg.

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