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  • Writer's pictureNguyễn Hoàng

MND Rate Index Officially Hits 8.0%, Highest in 23 Years

Our rate index has rapidly grown in popularity and exposure in recent years because it is timely and because it accounts for upfront costs in a way that other single-number indices cannot. Because we began this effort in 2009, we can only technically say our index is the highest in 14 years, but there's no question that today's mortgage rates are the highest in 23 years.

That's actually rather unremarkable given the prevailing trend in rates. "8%" may be an interesting milestone for headlines, but it isn't much higher than yesterday's 7.92%--also the highest rate in 23 years.

The first break above the 23 year ceiling took place in late 2022 and it wasn't challenged again until August of 2023. Since then, however, we haven't made it more than a few weeks without hitting a new long-term high. The time since the Fed's September 20th announcement has been particularly bad with SEVEN new 23 year highs in less than a month.

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