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.