US MBA Mortgage Rate at 7.67%... Highest in 23 Years

Last week, mortgage rates in the United States reached their highest level in 23 years since 2000.

[Image source=EPA Yonhap News]

On the 11th (local time), the Mortgage Bankers Association (MBA) reported that the average 30-year mortgage rate in the U.S. rose slightly by 0.14 percentage points from 7.53% the previous week to 7.67%. The 30-year mortgage rate has been rising for five consecutive weeks.

Bloomberg analyzed that the surge in the U.S. 10-year Treasury yield drove the increase in mortgage rates. On the 4th, the U.S. 10-year Treasury yield spiked intraday to 4.88%, marking the highest level since August 2007.

The number of mortgage applications in the U.S. increased by 0.6%, rebounding from a 6.0% decline the previous week. Bloomberg explained, "Mortgage rates are so high that existing home sales remain sluggish."

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