U.S. mortgage rates rose to their highest level in 21 years this week, as demand for mortgages decreased. According to data released Thursday, in the week ending August 17, the 30-year fixed-rate mortgage averaged 7.09% up from 6.96% the week before (one year ago, the 30-year fixed-rate was 5.13%). The last time rates were over 7% was in November of last year, when they hit 7.08%. This week's average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002, when it was 7.13%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.16% from 7.09%, with points decreasing to 0.68 from 0.70 (including the origination fee) for loans with a 20% down payment. That was the third straight weekly increase and the highest level since October 2022, which also matches a high level seen in 2001. As a result, mortgage demand from homebuyers was 26% lower than the same week one year ago. Applicatio
Interest rates reach 21-year high as mortgage demand drops
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Interest rates reach 21-year high as mortgage demand drops
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