Mortgage Rates Hit Highest Level In Over Two Decades

The average rate on the popular 30-year fixed mortgage increased to 7.09% which is up from 6.96% as of last week.

Mortgage rates have reached their highest level in over two decades.

This week, the average rate on the popular 30-year fixed mortgage increased to 7.09% which is up from 6.96% as of last week.

This is the highest point since the first week of April 2002 and marks only the third time rates have exceeded 7% since then. The other two times were in October and November of last year, when the rate reached 7.08%.

The increase this week makes it more difficult for buyers on a budget who are already facing elevated home prices and a shortage of choices as homeowners refuse to sell or give up their lower mortgage rates.