US mortgage rates surge to 7.16%, may reach 8%, highest since 2000.

OAN’s James Meyers
12:22 PM – Thursday, August ‌17, 2023

The U.S. mortgage rate rose to the highest mark in over 20 years.  According to Mortgage Bankers Association, the 30-year mortgage rate rose to 7.16% last​ week, which matches the highest⁣ since 2001.

The data also showed that home-purchase applications⁤ fell for the fifth straight ​week, and is at ‍the second lowest‌ level since 1995.

Experts⁤ predict mortgage ⁤rates will go above 8%, which has not happened since 2000,​ according to data gathered by Freddie Mac financial company.

The 30-year mortgage rate⁣ is⁤ at an ⁢important stage,​ Lawrence Yun,‌ chief economist at the Association of Realtors told the ​DailyMail.

“If the 30-year-fixed mortgage rate can hold at a⁢ high mark of ‍7.2 percent and the 10-year yield‍ holds at ⁢4.2 ​percent then this would be high for mortgage rates before retreating,” she said.

Cristian deRitis, Deputy Chief⁤ Economist said mortgage rates have not been seen at this level since the‍ Great Recession.

“Historically the mortgage-rate spread has only been around this‍ level only during​ periods of financial crisis such​ as the Great Recession or the ‍early 1980s⁢ recession.”

Additionally, data compiled showed the‍ number of homeowners‌ properties in the month⁤ of June was 20% ⁣lower than a year ago.

The⁣ Federal Reserve have raised their funds a staggering 10 times in the last 15 months to combat⁣ rising inflation.

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