Mortgage Rates Reach 21-Year Highs

The average 30-year fixed-rate mortgage rate has reached its highest level in over 20 years, according to Freddie Mac. The rate currently stands at 7.09 percent, driven by the strength of the economy and the rise of the 10-year Treasury yield. Affordability challenges and low inventory continue to impact demand and stall home sales. This week's rate is 0.13 percent higher than last week's and 1.96 percent higher than the same time last year.