Mortgage rates reach highest level since 2001, upward pressure likely to continue
Long-term mortgage rates reached their highest level since 2001, and the upward pressure on the rates is likely to continue, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 7.23% as of Aug. 24, up from last week when they averaged 7.09% and 5.55% in the year-ago week.
15-year fixed-rate mortgages averaged 6.55%, compared to 6.46% last week and 4.85% a year ago.
“This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” Freddia Mac’s chief economist, Sam Khater, said.
Meanwhile, mortgage applications fell by ~4%, reportedly to its lowest level in 28 years.
Here is a look at the mortgage rate movements since 2000: