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Mortgages at 30-Year Fixed Rates are at their highest level in more than 20 years.

Image by Tumisu from Pixabay

Mortgage rates have increased as a result of the 10-year Treasury yield moving higher and the economy continuing to perform better than anticipated as reported by Freddie Mac. The 30-year fixed-rate mortgage last went above seven percent in November of last year. Affordability challenges have had an influence on demand, but low inventory continues to be the key factor impeding home sales.

The rates are as follows as of August 17th, 2023.

30-year fixed: 7.60%
15-year fixed: 6.82%
30-year jumbo: 7.37%

Compared to last month’s 7.29%, this is a significant gain. 30-year fixed rates were 4.93% at the same time last year, thus the current rate is significantly higher than it was then.

You will pay approximately $706 per month for every $100,000 you borrow at the current 30-year fixed rate, up from approximately $692 last week.

On Wednesday, rates on 15-year loans also decreased, falling 3 basis points to 7.09%. The 15-year average has decreased from the 7.12% reading from the day before, which is thought to be its highest level since 2008.

Wednesday marked the third day that the jumbo 30-year average had reached a predicted 14-year high of 6.77%. The average has reached that peak five times so far this month.

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