A tough housing market for homebuyers got tougher as mortgage rates rose to their highest level since 2000, averaging 7.5% for a 30-year conventional loan this week, according to newly released data Thursday by Freddie Mac.
The yield on the 10-year treasury bond, a benchmark for pricing an average 30-year loan that reached a 16-year high this week at 4.8%, was one of the main factors causing mortgage rates to climb, said Sam Khater, Freddie Mac’s chief economist.
Source: Current 30-year mortgage rate is highest in over two decades: What that means for buyers
