Mortgage Rates Soar to 23-Year High in Fresh Blow to Homebuyer Affordability

Mortgage rates have risen for the fifth straight week to a 23-year high, raising home loan borrowing costs and delivering a blow to affordability.

A house is for sale in Arlington, Va., July 13, 2023. Saul Loeb/AFP via Getty Images

Homebuyer purchasing power has taken yet another hit as mortgage loan borrowing costs have risen for the fifth straight week, soaring to their highest level in 23 years.

The average rate on the benchmark 30-year mortgage has risen to 7.57 percent, up from 7.49 percent last week, according to Freddie Mac.