BREAKING: BIDENOMICS: 30-Year Fixed Mortgage Rates Hit 8% For First Time Since 2000
*BIDENOMICS*
The highly popular 30-year fixed mortgage rate hit 8% on Wednesday. Interest rates soared a whopping 20 basis points this week and the 30-year fixed-rate mortgage actually hit 8% for the first time since 2000.
This means a $400,000 home with 20% down costs $1,000 per month more today than it did two years ago when the 30-year fixed rate mortgage was around 3%.
Mortgage applications fell 7% last week as interest rates continued to rise.
Some borrowers are opting to pay points to buy down the rates, Matthew Graham, COO of Mortgage Daily News said.
“Here’s another milestone that seemed extreme several short months ago,” said Matthew Graham.
