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Business
Piero Cingari

Mortgage Rates Climb To 7.31%, Highest In 23 Years: Shocking Chart Reveals Tremors In Housing Market

United States Housing Market BEHNAM NOROUZI MBA the Federal Reserve
The U.S. housing market is facing a seismic shock. Mortgage rates skyrocket to levels not seen in over two decades. PHOTO BY BEHNAM NOROUZI/UNSPLASH

The U.S. housing market is facing a seismic shock. Mortgage rates skyrocket to levels not seen in over two decades.

The average contract interest rate for 30-year fixed-rate mortgages has surged by 15 basis points (bps). The rates reached a staggering 7.31% for the week ending Aug. 18. This marks the highest rate since December 2000, according to data released by the Mortgage Bankers Association of America (MBA).

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