{"id":2007213,"date":"2023-08-21T16:45:02","date_gmt":"2023-08-21T20:45:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-continue-to-climb-reach-highest-level-since-2000\/"},"modified":"2023-08-21T16:46:31","modified_gmt":"2023-08-21T20:46:31","slug":"mortgage-rates-continue-to-climb-reach-highest-level-since-2000","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-continue-to-climb-reach-highest-level-since-2000\/","title":{"rendered":"Mortgage rates surge, hit 21-year high."},"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\">12<\/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-continue-to-climb-reach-highest-level-since-2000%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=2007213&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 Soar to Highest Level in\u200c Over 20 Years<\/h2>\n<p>Mortgage rates\u2062 are pushing even higher this week and are now clocking in at their \u200bhighest level\u200c since the turn of the century.<\/p>\n<p>As of Monday, the average\u200d rate on\u2063 a 30-year, fixed-rate mortgage had soared to 7.48%, more than double the average \u2064before\u2063 the Federal Reserve started raising interest rates, according to Mortgage News Daily. The \u2063last time rates were this high was in November 2000.<\/p>\n<h3>All Eyes on Ron: Pressure Mounts on DeSantis Ahead of First GOP Debate<\/h3>\n<p>That marks a \u2063nearly <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dollar-drops-on-cooler-than-expected-u-s-inflation-data\/\" title=\"Dollar drops on cooler-than-expected U.S. inflation data\">half-percentage-point increase<\/a> in just the past\u2062 month alone, with a sizable \u200bchunk coming \u200cin the\u200c past week.<\/p>\n<p>Bond\u2064 yields have pushed higher recently as investors\u200d fear that the Fed \u200dmight keep \u200bits interest rate\u2062 target, which is now 5.25% to 5.50%, higher for longer.<\/p>\n<p>Matthew Graham, the\u200d chief operating officer of Mortgage News Daily, told CNBC that the Fed likely wants to see the rate hikes having some\u200b more profound effects on the economy before \u2063pivoting its monetary policy.<\/p>\n<p>\u201cInvestors just aren\u2019t seeing the kind of deterioration in \u2063economic data that they expected,\u201d Graham \u200bsaid.<\/p>\n<p>Mortgage rates have soared since the central bank started \u200btightening its monetary policy back in \u2063March of last year. During \u2062parts \u2063of 2020 and 2021, when the Fed cut its interest rate target to \u200bnear-zero, homebuyers \u2062were able to lock in historically low mortgages \u2062at\u200b below 3%.<\/p>\n<p>Median mortgage payments\u200d for a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-continue-to-climb-reach-highest-level-since-2000\/\" title=\"Mortgage rates surge, hit 21-year high.\">typical single-family home hovered<\/a> at just over $1,000 per month in 2020, according to the National Association of\u200b Realtors. Presently, the\u2062 median mortgage payment is at $2,234, representing a mammoth 116% increase\u2064 in just a few years.<\/p>\n<p>While most investors don\u2019t expect \u2063the Fed to raise its rate target again at its next meeting in September, they do expect it to be months before the central bank pivots and starts cutting rates. However, some economists think that the Fed might end up conducting one more rate hike before the year \u200cis out.<\/p>\n<p>Stephen O\u2019Connor, a research professor of real estate \u2064at the George Washington University School \u2063of Business, told the Washington Examiner that notes from recent Fed meetings and indicators such as \u201ccore inflation\u201d\u2063 make him think another hike might be in store.<\/p>\n<p>Inflation (as gauged by the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a>) is now running at 3.2%, although core \u200binflation, which does not include volatile food and energy prices, rose to 4.7% in the year ending in July.<\/p>\n<p>\u201cAre they done \u2062raising those rates?\u200c I don\u2019t think so,\u201d\u2062 O\u2019Connor said. \u201cI\u2063 think [Fed Chairman Jerome] Powell is still very much concerned with core inflation, and even though a lot of\u2063 the other metrics\u2064 look good relative \u2063to the number of jobs,\u2062 unemployment rate, things of that nature, there are other types of \u200bmarkers in the ether there that are raising concerns relative to wage inflation,\u2064 things of that nature.\u201d<\/p>\n<p>All eyes are on Powell\u2019s annual speech from Jackson Hole, Wyoming, this week. The yearly economic conference is one of the most closely monitored ones in \u2063the world and brings together economists, academics, and government \u200crepresentatives, with the central focus being on the Fed chief\u2019s address.<\/p>\n<p>Last year, Powell delivered a hawkish speech in which he warned of economic \u201cpain\u201d and caused \u200bthe stock market to tumble, given the\u2062 hint of more rate \u2063hikes.<\/p>\n<p>CLICK HERE TO READ\u200d MORE FROM THE WASHINGTON EXAMINER<\/p>\n<p>This year, though, Powell is likely to strike\u200c a bit \u200bof a\u2062 different tone. Inflation has meaningfully\u200b fallen since the 2022 address, and the labor market has remained shockingly resilient despite the predictions of economists.<\/p>\n<p>Nevertheless, investors and Fed watchers will hang on Powell\u2019s every word in an effort \u2062to glean whether the central bank is finished tightening or if there is another rate increase in the\u2062 works.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates have surged to their highest level since the year 2000. Currently, the average rate for a 30-year fixed-rate mortgage stands at 7.48%, which is more than double the pre-interest rate hike average. This increase was reported by Mortgage News on Monday.<\/p>\n","protected":false},"author":1,"featured_media":2007214,"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-2007213","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\/2007213","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=2007213"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2007214"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2007213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2007213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2007213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}