Mortgage rates reach highest since November 2000 - MBA
© Reuters. A"For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File PhotoNEW YORK - U.S. mortgage interest rates rose to the highest since November 2000 last week, helping to drive home loan application volumes to the lowest in 27 years, a report on Wednesday said.
“Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields," said Joel Kan, the MBA's vice president and deputy chief economist. “As a result, mortgage applications ground to a halt, dropping to the lowest level since 1996." Moreover, the spread between 10-year note yields and 30-year mortgage rates are near record-wide levels, which has also exacerbated the rise in borrowing costs for prospective homebuyers. After the Federal Reserve launched its aggressive rate hike campaign in March 2022, the spread has progressively widened, and currently stands around 3 percentage points.
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