Mortgage Rates Haven't Been This High Since 2000

By Khristopher J. Brooks, CBS Boston

October 6, 2023

Mortgage rates continue to climb, hitting their highest level in nearly 23 years. The average rate on a 30-year fixed-rate loan rose to 7.49%, from 7.31% last week, Freddie Mac said Thursday. The average rate on a 15-year mortgage rate rose to 6.78% from 6.72% last week.

"Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve's next move, are contributing to the highest mortgage rates in a generation," said Sam Khater, Freddie Mac's chief economist. "Unsurprisingly, this is pulling back homebuyer demand."

Depending on the length of the loan, rising mortgage rates add hundreds of dollars to a mortgage payment. While mortgage rates don't necessarily mirror the Fed's rate increases, they tend to track the yield on the 10-year Treasury note.

Click here to read the full story via CBS New Hampshire

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.