The 30-year fixed-rate mortgage just hit its highest point in nearly 23 years, coming in at 7.31% on Thursday. While the mortgage rate has fluctuated somewhat during the past few months, it’s stayed heartily above 6%. This time last year the rate was 6.7%. But above 7% could become the new norm. Last week, the 30-year fixed-rate mortgage averaged 7.19%.
The last time mortgage rates were this high was back in 2000, when they hit more than 7.4%, according to historical Federal Reserve data. That was ahead of Fannie Mae and Freddie Mac purchasing billions in subprime mortgages and the subsequent housing bubble.
