Strong economic data sent mortgage rates this week to their highest level since 2001—a jump that will continue to keep many prospective home buyers out of the market.
For would-be buyers hoping for lower financing costs, it was the latest bad reading in a string of many. The gain was the sharpest week-over-week increase since mid-July. The gauge has climbed for five weeks straight. The 10-year Treasury yield, with which mortgage rates often move, was up slightly, to 4.217%, late Thursday morning. The yield earlier this week climbed to 4.339%, its highest level since November 2007, according to a Dow Jones Market Data analysis of 3 p.m. yields.
The juxtaposition between the markets for previously owned homes and new homes is a continuation of the defining theme of 2023’s housing market: high mortgage rates have kept homeowners in place, leading to fewer existing-home listings than usual.
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