Mortgage rate races toward 8% after hitting a high not seen since late 2000

by anastasiakaufman-chime-me

PUBLISHED TUE, OCT 3 202312:52 PM EDTUPDATED TUE, OCT 3 20231:51 PM EDT

By: Diana Olick

CUTLER BAY, FLORIDA - APRIL 20: Ryan Ratliff (C), Real Estate Sales Associate with Re/Max Advance Realty, shows Ryan Paredes (L) and Ariadna Paredes a home for sale on April 20, 2023 in Cutler Bay, Florida. In a report by the National Association of Realtors, existing-home sales edged 2.4% lower in March to a seasonally adjusted annual rate of 4.44 million. In addition, sales declined 22.0% from one year ago.. (Photo by Joe Raedle/Getty Images)
Ryan Ratliff, center, real estate sales associate with Re/Max Advance Realty, shows Ryan Paredes, left, and Ariadna Paredes a home for sale in Cutler Bay, Florida, on April 20, 2023.Joe Raedle | Getty Images

The average rate on the popular 30-year fixed mortgage rose to 7.72% on Tuesday, according to Mortgage News Daily.

Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week following strong economic data. Rates have not been this high since the end of 2000.

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