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Long-term mortgage rates hit the highest level since 2000, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 7.31% as of Sep. 28, up from 7.19% last week and 6.70% in the year-ago week.
15-year fixed-rate mortgages averaged 6.72%, up from 6.54% last week and 5.96% a year ago.
“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” Freddie Mac’s chief economist, Sam Khater, said.
“However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances,” Khater added.
Here is a look at the mortgage rate movements since 1972: