Mortgage rates reach highest level since 2008

Business September 13, 2022 News
Mortgage rates reach highest level since 2008

From CNN | Business by Anna Bahney, CNN Business

Mortgage rates reached their highest level since 2008, inching closer to 6% this week, as it became clearer to investors that aggressive rate hikes from the Federal Reserve would continue.

The 30-year fixed-rate mortgage averaged 5.89% in the week ending September 8, up from 5.66% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.88%.

After starting the year at 3.22%, mortgage rates rose sharply during the first half of the year, hitting 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve’s mission to combat inflation have made them more volatile.

Photo by Jeff Chiu / Associated Press

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