By Sarah Marx | HousingWire
Rates on the 30-year fixed-rate mortgage eclipsed 8% this week as the Treasury yield surpassed 4.9% for the first time since 2007, according to one index.
Per Mortgage News Daily, mortgage rates touched 8.03% on Wednesday, up from 7.69% the previous week. HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate for conventional loans at 7.78% on Wednesday, compared to 7.52% the previous week.
Both indexes showed higher rates than the Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, and recorded the 30-year, fixed-rate mortgage at 7.63% as of Oct. 19, up 6 basis points from the prior week. By contrast, the 30-year, fixed-rate mortgage was at 6.94% a year ago at this time.
Mortgage rates in the 8% range are further impacting already strained levels of affordability, Sam Khater, Freddie Mac’s chief economist, said in a statement.
