Mortgage Rates Just Hit Their Highest Level ‘in a Generation’—Is 8% Next?

After spiking to an alarming 23-year high last week, mortgage rates have skyrocketed even further into the stratosphere for a frightening kickoff to October.

For the week ending Oct. 5, rates for 30-year fixed-rate loans averaged 7.49%, according to Freddie Mac. This is a significant spike over last week’s high of 7.31%, a rate not seen since 2000.

Whether these rates will edge even higher toward the dreaded 8% threshold remains anyone’s guess—but what does seem clear is that these rates aren’t just a random blip, but have staying power.

Read More at Realtor.com

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