Mortgage rates surge to highest level since 2000

The spike in borrowing costs has driven many aspiring homebuyers out of the market: Mortgage applications are at a 28-year-low, according to the MBA.

"Higher interest rates are continuing to impact homebuyers as their purchasing power has been greatly diminished by the doubling in mortgage rates over the past year and a half," Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, said in an email. from Bankrate found that a third of respondents in the market to buy a home say high mortgage rates are holding them back.

Many economists expect the Fed to continue tightening monetary policy, potentially pushing mortgage costs even higher. The central bank in July raised its benchmark rate a quarter of a percentage point to between 5.25% and 5.5%, theIn announcing the move, Fed Chair Jerome Powell hinted at the possibility of additional hikes, saying that"policy has not been restrictive enough for long enough" to bring inflation in line with the bank's 2% target.

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