Mortgage rates above 6%, first time since 2008
The average rate for a 30-year fixed mortgage topped 6% this week, the highest level since 2008 and more than twice what it was a year ago.
Freddie Mac said Thursday that its latest Primary Mortgage Market Survey shows the average rate for the benchmark 30-year fixed mortgage rose again this week to 6.02%%, up from last week's reading of 5.89%.At this time last year, 30-year fixed-rate products averaged 2.86%. The rate for a 15-year fixed note also rose, averaging 5.21% after coming in at 5.16% last week. That is also more than double the average rate at this time last year when 15-year products were at 2.12%.
"Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008," said Sam Khater, Freddie Mac’s chief economist. "Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mortgage rates rise above 6% for the first time since 2008The average 30-year mortgage rate has climbed to 6.02% — the first time the figure has surpassed 6% since 2008, according to new data from mortgage giant Freddie Mac.
Read more »
Mortgage rates top 6% for the first time since 2008 | CNN BusinessMortgage rates jumped again, surpassing the 6% mark and reaching the highest level since the fall of 2008.
Read more »
Mortgage rates top 6% for the first time since 2008Mortgage rates jumped again, surpassing the 6% mark and reaching the highest level since the fall of 2008.
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.
Read more »
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.
Read more »