The 30-year mortgage rate hits a new 23-year high, pushing closer to 8%

Tue, 10/17/2023 - 13:16

Rates on the 30-year fixed mortgage hit 7.92% on Tuesday, Mortgage News Daily's Rate Index showed.
That's the highest level for the most popular US home loan in 23 years.
High mortgage rates, expensive home prices, and low inventory have strained the US housing market.

The average rates on the 30-year fixed mortgage hit 7.92% on Tuesday, according to Mortgage News Daily's index.

That's the highest mark in 23 years, and with the latest 12 basis-point increase, average monthly payments are hovering at $1,820 per month.