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Housing: Mortgage rates jump to 7.08%, highest in 20 years

Yahoo Finance Video

Yahoo Finance's Julie Hyman discusses the rise in the 30-year fixed-rate mortgage.

Video Transcript

BRIAN SOZZI: Let's get over to Julie Hyman. Some breaking news on all things mortgage rates.

JULIE HYMAN: Yeah, mortgage rates, we're learning last week, averaging 7.08%, so breaking the 7% barrier here. This according to Freddie Mac. Again, 30-year fixed rate mortgage above 7% for the first time going back to April 2002. So it has been more than 20 years since we have seen a mortgage rate at these levels.

We have seen already the ripple effect through the housing market. Yesterday, new home sales were reportedly down 10.9% month over month, although that was actually not as big a drop as estimated. But it is having an effect on pricing across the nation, on affordability across the nation, and on the pace of home sales. So again, 7.08% is where that 30-year fixed rate mortgage on average now stands. Brad.