Home Mortgage Rates Continue to Climb Toward 8%

Mortgage rates notched their seventh straight week of gains this week as Treasury yields rose. The rapid rise has slowed home purchases “to a virtual standstill,” one economist says.

This week’s rise is the longest streak of week-over-week gains since spring 2022, Sam Khater, Freddie Mac’s chief economist, said in a statement. “Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”

It will take time to see how the highest rates in 23 years have translated to home sales in October—but some buyers are still in the market, even as mortgage application volume has sagged. Adjustable-rate mortgage applications comprised the largest share of total applications last week since November 2022, according to the Mortgage Bankers Association.

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