(New York, NY) — U.S. mortgage rates jumped to the highest level since 2000. The contract rate on a 30-year fixed mortgage rose ten-basis-points to seven-point-four-one-percent in the week that ended September 22nd, according to Mortgage Bankers Association. Home prices continue to rise amid the limited supply of homes for sale. Part of the reason for that lean inventory is because many homeowners don’t want to move in the current high-rate environment; moving would cause them to lose the lower mortgage rate they locked in years prior. Last week, Federal Reserve Chair Jerome Powell said that the central bank will keep borrowing costs elevated – and could possibly bump them even higher – if inflation fails to recede back toward two-percent.
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