US Real Estate

Mortgage Rates Hit 8 Percent, Crushing Loan Demand

Mortgage rates have touched 8 percent, putting a damper on loan demand and adding to many homebuyers’ affordability woes.
Mortgage Rates Hit 8 Percent, Crushing Loan Demand
A construction worker carries materials as he works on a home under construction at a housing development in Petaluma, Calif., on March 23, 2022. Justin Sullivan/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

Mortgage rates hit 8 percent on Oct. 18, hammering affordability for homebuyers and sending loan demand plummeting to a 28-year low.

The average rate for a benchmark 30-year mortgage climbed to 8 percent on Oct. 18, according to Mortgage News Daily, which uses data from multiple lenders from across the country to determine the current average loan rate on a daily basis. The rate is the highest in 23 years.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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