Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.
For sale by owner sign is displayed outside home in Northbrook, Ill., Wednesday, Sept. 21, 2022. Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession, mortgage buyer Freddie Mac reported Thursday, Sept. 29, 2022. –
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.96% from 5.44% last week. Freddie Mac noted that for a typical mortgage amount, a borrower who locked in at the higher end of the range of weekly rates over the past year would pay several hundred dollars more than a borrower who locked in at the lower end of the range.by another three-quarters of a point in an effort to constrain the economy, its fifth increase this year and third consecutive 0.75 percentage point increase.
By raising borrowing rates, the Fed makes it costlier to take out a mortgage and an auto or business loan., cooling the economy and slowing inflation.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 30-year home mortgage rate hits 6.7%, highest since 2007Average 30-year U.S. mortgage rates have hit 6.7%, the highest level since 2007, mortgage giant Freddie Mac reported.
Read more »
Mortgage rates surge, closing in on 7% | CNN BusinessMortgage rates surged for the sixth week in a row, moving closer to 7%.
Read more »
Mortgage rates jump to 6.7%, highest since 2007Historically low mortgage rates fueled the pandemic housing rally, but borrowing costs have more than doubled since starting the year near 3%.
Read more »
Mortgage Rates Rise to 6.7%, Highest Since 2007Mortgage rates rose to their highest level in more than 15 years, a new postcrisis high that adds pressure to the already cooling U.S. housing market.
Read more »
Australia's House Prices Fall, Interest Rates Soar But Analysts Say There's No Crash YetMortgage rates have fallen to below 2% in recent years, but interest rates are rising rapidly in Australia as the central bank looks to tame inflation.
Read more »