{"id":2003842,"date":"2023-08-17T15:05:04","date_gmt":"2023-08-17T19:05:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-climb-to-highest-level-since-2002\/"},"modified":"2023-08-17T15:06:24","modified_gmt":"2023-08-17T19:06:24","slug":"mortgage-rates-climb-to-highest-level-since-2002","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-climb-to-highest-level-since-2002\/","title":{"rendered":"Mortgage rates reach 2002&#8217;s peak."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmortgage-rates-climb-to-highest-level-since-2002%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2003842&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Mortgage Rates Reach Highest Level in Over \u2064Two Decades<\/h2>\n<p>Mortgage\u200c rates have soared to their\u2064 highest point in \u2062more \u2062than 20 years, \u2064causing \u200bconcerns about \u2063affordability \u200band the stability of the housing market. The Federal Reserve&#8217;s\u2064 efforts to combat inflation have\u2062 contributed to this surge.<\/p>\n<p>According to Freddie Mac, the average rate on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/employment-growth-slowing-with-187000-jobs-added-in-july\/\" title=\"Job growth in July saw a slowdown, with only 187,000 new jobs added.\">30-year\u2062 fixed-rate mortgage<\/a> now stands at \u200c7.09%, more than double the \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-climb-to-highest-level-since-2002\/\" title=\"Mortgage rates reach 2002's peak.\">pre-interest rate hike average<\/a>. This\u2063 surpasses \u2062the previous\u2063 peak in November, when rates reached 7.08%. \u2062The last time rates were this high was in March 2002.<\/p>\n<h3>Jobless Claims Numbers\u2062 Reveal Surprising \u2062Message About the Economy<\/h3>\n<p>The average rate on a 15-year fixed-rate \u2062mortgage currently sits at 6.46%.<\/p>\n<blockquote>\n<p>&#8220;The\u2064 new reality has jolted the\u200b housing market: Home\u200c sales have fallen \u200csharply since 2021, \u200dand homeowners, reluctant to give up their\u200d super-low mortgage rates, \u200bare\u200c staying put. Housing affordability has\u200c emerged as a persistent\u200c challenge,&#8221;<\/p>\n<p>&#8211; Bankrate analyst Jeff Ostrowski<\/p>\n<\/blockquote>\n<p>The Federal Reserve has been \u2063steadily raising interest\u2064 rates\u2063 since March\u200b 2022, with \u2062the rate target reaching\u2064 its \u2063highest level \u2062since the dot-com bubble\u2064 at 5.25% to \u200c5.50%.\u2062 Mortgage \u200drates typically follow the Fed&#8217;s rate \u2064target, becoming more expensive when\u2064 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thai-central-bank-raises-rates-willing-to-adjust-tightening-as-necessary\/\" title=\"Thai central bank raises rates, willing to adjust tightening as necessary\">central bank raises rates<\/a>.<\/p>\n<p>However, the \u2062housing market \u2064is currently in a unique position due to \u2064the prolonged period of \u200clow mortgage rates during the pandemic. Homeowners are reluctant to sell their properties, leading to inventory\u200d shortages \u200dand increased demand for\u2063 new homes.<\/p>\n<p>Despite concerns about\u2062 affordability, the\u2063 construction sector has remained\u2064 strong, with\u200d housing \u2063starts increasing\u200d by\u2062 3.9% in July. This indicates a continued\u200d demand for new construction.<\/p>\n<p>While builder confidence fell \u2062in August, the lack of resale inventory has \u200bsupported the \u2064demand for new construction. Many homeowners choose to stay \u2063put\u2063 due to their low mortgage \u2062rates.<\/p>\n<p>Overall, the \u2063housing market faces challenges in terms\u2062 of affordability,\u200b but the demand \u200bfor\u2064 new construction remains robust.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">Click here<\/a> to read\u200b more from The Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates have surged to their highest level in over 20 years due to the Federal Reserve&#8217;s actions against inflation. This rise is impacting affordability and posing a threat to the housing market. Currently, the average rate for a 30-year fixed-rate mortgage stands at 7.09%, more than twice the pre-Fed average.<\/p>\n","protected":false},"author":1,"featured_media":2003843,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2003842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2003842"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2003842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2003843"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2003842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2003842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2003842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}