US mortgage rates surpass 6% for the first time since 2008 as stubbornly high inflation fuels climb
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. After starting the year at 3.
“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 challenge As mortgage rates rise and home prices remain high, home sales are slowing.
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