Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
By Shannon Thaler
Published Oct. 4, 2023, 9:01 a.m. ET
Mortgage demand plummeted to a 28-year low as the average long-term mortgage rate climbed further above 7% this week.
According to leading real industry group Mortgage Bankers Association, the average rate on the benchmark 30-year home loan climbed to 7.53% this week — the highest rate since 2000.
A separate report on Bankrate showed that Thursday’s average on a 30-year fixed mortgage rate was even higher, 7.88%.
The same week last year, the rate was 6.75%.
As a result, mortgage applications and applications to refinance a home stalled dramatically, falling 6% and 7% for the week, respectively, according to MBA.
“The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market,” MBA’s deputy chief economist Joel Kan said in a news release shared with The Post.
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https://nypost.com/2023/10/04/mortgage-rates-near-8-as-demand-drops-to-28-year-low/