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.
A sign is displayed outside a home in Wheeling, Ill., May 5, 2022. Mortgage buyer Freddie Mac reported Thursday, Sept. 15, 2022 that the 30-year rate rose to 6.02% from 5.89% last week.
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%.Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for U.S. Treasurys.
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. Most economists forecast that the Fed will jack up its primary lending rate another three-quarters of a point when the central bank’s leaders meet next week. Some fear the Fed could raise the rate by a full point, following consecutive jumbo increases of three quarters of a point at its last two meetings.
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