mortgage rate update September 19th 2023
30-Year Fixed Mortgage Rates Reach 22-Year High: Implications for Homebuyers and Builders In a notable shift, the average rate for the popular 30-year fixed mortgage hit 8% on a Wednesday morning, a level not seen since the early 2000s, as reported by Mortgage News Daily. This milestone was reached in the wake of surging bond yields, reminiscent of levels not witnessed since 2007, as mortgage rates tend to loosely follow the yield on the 10-year U.S. Treasury. Rising Rates Amid Economic Signals Mortgage rates witnessed a significant surge over the past couple of weeks, driven by investors grappling with evolving economic data. In the most recent instance, it was housing starts, which experienced an increase in September, albeit falling short of expectations, according to the U.S. Census Bureau. Meanwhile, building permits, considered an indicator of future construction, experienced a decline, though less than anticipated. The prior week saw retail sales exceeding expectations, co...