Mortgage Rates News Today: U.S. 30-Year Mortgage Rates Climb to 23-Year High

Today, U.S. 30-year mortgage rates surged to 8.09%, their highest level since 2000. This significant increase, reported by the Mortgage Bankers Association and Freddie Mac, is shaking the foundations of the housing market. The strain on affordability is evident as home purchase applications hit a cycle low. This spike in rates is primarily driven by the Federal Reserve’s higher-for-longer policy, a move that tightens borrowing costs further.