---
title: "US 30-year mortgage rates rise to 7.48%, reaching the highest level in nearly 23 years."
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/95771046.md"
description: "Due to investor concerns that high interest rates and inflation will persist longer than expected, US mortgage rates have risen as bond yields have increased."
datetime: "2023-08-21T22:31:02.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/95771046.md)
  - [en](https://longbridge.com/en/news/95771046.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/95771046.md)
---

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# US 30-year mortgage rates rise to 7.48%, reaching the highest level in nearly 23 years.

According to Dolphin Research APP, on Monday, due to investors' concerns that higher interest rates and inflation will last longer than expected, mortgage rates in the United States have risen as bond yields have increased.

According to data from the Mortgage News Daily, the average rate for the most popular 30-year fixed-rate mortgage reached 7.48%, the highest level since November 2000. It has risen by 29 basis points in just the past week.

Matthew Graham, Chief Operating Officer of the Mortgage News Daily, said, "Investors did not see the economic data deteriorate as they expected." He pointed out that the Federal Reserve would consider a policy shift only if they saw the same economic deterioration, and this shift would likely first lean towards short-term rates. "Long-term rates such as the 10-year Treasury yield and mortgage rates have been affected by negative market sentiment. Unless the data forces the Fed to start discussing the first rate cut, this situation will not change."

High interest rates have dealt a significant blow to potential homebuyers, especially after the surge in housing prices caused by the COVID-19 pandemic. In 2020, rates hit more than a decade of historic lows, triggering a buying frenzy, and from the start of the pandemic to the summer of 2022, U.S. home prices rose by over 40%. Prices dipped slightly at the end of last year, but they are now rising again due to strong demand and extremely tight supply.

The high mortgage rates have exacerbated the supply situation. Since most existing homeowners have rates around 3% or lower, they are reluctant to list their homes for sale. Moving to another home means doubling the interest rate. This has created what is known as "golden handcuffs" among potential sellers.

The difference in purchasing power between today's homebuyers and a year ago is significant. Around this time last year, the average level for a 30-year fixed-rate mortgage was around 5.5%. For a $400,000 home with a 20% down payment and a 30-year fixed-rate loan, today's monthly payment (principal and interest) is about $420 higher than a year ago.

More borrowers are now opting for adjustable-rate mortgages (ARMs), which offer lower rates for shorter fixed terms. According to data from the Mortgage Bankers Association, the average rate for a 5-year ARM last week was 6.2%. The share of ARMs in applications increased to 7%. In 2020, when 30-year fixed rates hit multiple historic lows, this share was less than 2%.

Homebuilders across the United States have been trying to offset higher mortgage rates by buying these rates in the short or long term or by lowering home prices. They slowed down these incentive measures earlier this year due to surging demand and falling rates, but they have recently intensified their efforts.

However, homebuilder sentiment plummeted in August, with high rates being cited as the main reason.

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