Home buyers flee the housing market as mortgage rates surge to the highest level since 2000

The numbers: Mortgage rates rose for the fourth week in a row to the highest level since 2000, as the economy continues to show strength.

Demand for both purchases and refinancing fell. That overall pushed down the market composite index, a measure of mortgage application volume, the Mortgage Bankers Association said on Wednesday. The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 7.31% for the week ending August 18. That’s up from 7.16% the week before, the M.B.A. said. The 30-year is at the highest level since December 2000.

The big picture: The housing market continues to be hammered by good economic news, which is pushing rates up and depressing home sales. Higher rates also discourage homeowners from selling, as their purchasing power erodes when they look for homes to buy.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mortgage rates hit their highest point since 2000Mortgage rates hit the highest level since the end of 2000, and that is crushing affordability for potential homebuyers.
Source: NBCNewYork - 🏆 270. / 63 Read more »

Mortgage rates continue to climb, reach highest level since 2000Mortgage rates are pushing even higher this week and are now clocking in at their highest level since the turn of the century.
Source: dcexaminer - 🏆 6. / 94 Read more »

The 30-year mortgage rate hits 7.48%, the highest level since 2000Mortgage interest rates have nearly tripled in the span of just a couple years amid inflation fears and strong economic growth.
Source: NBCNews - 🏆 10. / 86 Read more »

Bay Area home prices, home sales continue to fall as mortgage rates hit record highsThe Bay Area saw another drop in home prices last month, as mortgage rates continued to soar.
Source: KTVU - 🏆 465. / 53 Read more »

What are today's mortgage and mortgage refinance interest rates?Knowing today's mortgage rates can help new homebuyers and homeowners looking to refinance lock in a good deal.
Source: CBSNews - 🏆 87. / 68 Read more »