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US Mortgage Rates Jump to 7.31%, Highest Level Since Late 2000

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US mortgage rates rose to the highest level since late 2000 last week, sending a key measure of demand down to the lowest in nearly three decades.

The contract rate on a 30-year fixed mortgage increased 15 basis points to 7.31% in the week ended Aug. 18, according to Mortgage Bankers Association data out Wednesday.

Borrowing costs have continued to rise so far this week, and Mortgage News Daily, which updates more frequently, put the 30-year fixed rate at almost 7.5% on Tuesday. Federal Reserve Chair Jerome Powell is set to speak at the central bank’s annual Jackson Hole symposium later this week, and minutes from policymakers’ gathering last month showed most officials still saw significant upside risks to inflation, which could require further rate hikes.

A report later Wednesday is expected to show new-home sales ticked up last month to hover near the highest level in a over a year.

 

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