US mortgage rates climb to highest level in nearly 23 years

U.S. mortgage rates have surged to their highest level in nearly 23 years.

The 30-year fixed-rate mortgage averaged 7.31% during the week that ended Sept. 18. That's up from 7.19% a week earlier.

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s chief economist. "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.”

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