Mortgage Rates Hit 7.23%, the Highest Since 2001

Strong economic data sent mortgage rates this week to their highest level since 2001—a jump that will continue to keep many prospective home buyers out of the market.

For would-be buyers hoping for lower financing costs, it was the latest bad reading in a string of many. The gain was the sharpest week-over-week increase since mid-July. The gauge has climbed for five weeks straight. The 10-year Treasury yield, with which mortgage rates often move, was up slightly, to 4.217%, late Thursday morning. The yield earlier this week climbed to 4.339%, its highest level since November 2007, according to a Dow Jones Market Data analysis of 3 p.m. yields.

The juxtaposition between the markets for previously owned homes and new homes is a continuation of the defining theme of 2023’s housing market: high mortgage rates have kept homeowners in place, leading to fewer existing-home listings than usual.

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