The interest rate hike threatens to sideline even more homebuyers from a cooling housing market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing market collapse triggered the Great Recession.Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 5.21% from 5.16% last week. Last year at this time the rate was 2.19%. The Fed has raised its benchmark short-term interest rate four times this year, and Chairman Jerome Powell has said that the central bank will likely need to keep interest rates high enough to slow the economy “for some time” in order to tame the worst inflation in 40 years.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mortgage rates hit 6%, first time since 2008 housing crashAverage long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Read more »
Mortgage rates hit 6%, first time since 2008 housing crashAverage long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Read more »
Mortgage rates rise above 6% for the first time since 2008The average 30-year mortgage rate has climbed to 6.02% — the first time the figure has surpassed 6% since 2008, according to new data from mortgage giant Freddie Mac.
Read more »
US mortgage interest rates top 6% for first time since 2008The average interest rate on the most popular U.S. home loan rose above 6% for the first time since 2008 and is now more than double the level it was one year ago, Mortgage Bankers Association data showed on Wednesday.
Read more »
US mortgage rates hit 6% high for first time since 2008The rate is more than double what it was just a year ago, according to new data out this week from the Mortgage Bankers Association.
Read more »
Mortgage Rates Top 6% for the First Time Since the 2008 Financial CrisisThe average 30-year fixed rate mortgage topped 6%, jolting would-be home buyers. BenEisen explains. WSJWhatsNow
Read more »