Oct 4, 2023 - Economy
As mortgage rates hit 7.5%, applications fall to lowest since 1995
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The rate on the 30-year mortgage is soaring — hitting 7.53%, the highest rate since December 2000, according to Mortgage Bankers Association data out Wednesday morning.
Why it matters: "The rapid rise in rates pushed an increasing number of potential homebuyers out of the market," MBA's deputy chief economist said in a release.
- Mortgage applications for home purchases are at the lowest level since 1995.
