Mortgage rates rise to highest point in 13 years after Federal Reserve rate hike, eating away homebuying power

CLEVELAND, Ohio — The side effect could be less buying power for people seeking homes.was 5.27% Thursday, up from 5.10% last week and up from 2.96% a year ago, according to Freddie Mac, a government-sponsored home-loan agency.“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s Chief Economist.

At the 2.96% rate seen a year ago, the same payment would have been $629. These numbers don’t include property taxes, home insurance or other home buying costs factored into monthly payments. The Federal Reserve sets the rate that institutions charge each other for short-term loans. That cost trickles across the economy and affects mortgages, CD rates, personal loans and other types of lending.

The Federal Reserve increased rates in March, and are expected to raise rates multiple times to combat inflation. In a news release, PNC chief economist Gus Faucher said rates will likely increase through 2022 and into 2023.

Biden’s America. What a disaster.

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