In a mixing bowl, combine warm water, molasses, and active dry yeast. Let this mixture sit for 5 to 10 minutes until it becomes foamy.

In a separate bowl, mix together the rye flour, bread flour, salt, and caraway seeds.

Pour the activated yeast mixture into the dry ingredients. Stir until you create a shaggy dough.

Knead the dough by hand on a floured surface or with a mixer fitted with a dough hook for 8 to 10 minutes until the dough is smooth and elastic.

Place the kneaded dough into a well-oiled bowl, cover it with a clean kitchen towel, and let it rise in a warm spot for about 1 ½ hours or until it has doubled in size.

Once risen, gently punch down the dough, divide it into two equal portions, and shape them into rounds or loaves.

Place the shaped dough onto a baking sheet lined with parchment paper, cover the loaves with a towel, and let them rise for an additional hour.

Preheat your oven to 450°F (230°C). Once the loaves have risen, bake for 35 to 40 minutes or until the loaves are golden brown and sound hollow when tapped.