Mortgage rates just reached their highest level ‘in a generation’ – will we reach 8%?

After soaring to an alarming 23-year high last week, mortgage rates have soared further into the stratosphere ahead of a scary start to October.

For the week ended Oct. 5, 30-year fixed-rate mortgage rates averaged 7.49 percent, according to Freddie Mac. This is a significant jump from last week’s high of 7.31%, a rate not seen since 2000.

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