Mortgage rates top 6% for the first time since 2008

The 30-year fixed-rate mortgage averaged 6.02% in the week ending September 15, up from 5.89% the week before, according to Freddie Mac. That is significantly higher than this time last year, when it was 2.86%.Stubbornly high inflation is pushing rates up, said Sam Khater, Freddie Mac's chief economist. "Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding 6% for the first time since late 2008," he said.

"Core inflation remains stubbornly elevated, putting pressure on the Federal Reserve to maintain an aggressive stance on monetary tightening," he said."Markets are keeping a close eye on the central bank's meeting next week, expecting another 75-basis-point increase in the policy rate, if not a 100-basis-point jump."Sales are slowing, but affordability is still a challengeAs mortgage rates rise and home prices remain high, home sales are slowing.

The ol’ “Stubbornly High Inflation” line again I see…. Crops up quite often it seems…

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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. The interest rate needs to get even higher in order to bring house prices down to affordable levels.
Source: KSLcom - 🏆 549. / 51 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.
Source: wrtv - 🏆 598. / 51 Read more »