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02-10-2022, 10:39 AM
How much higher will the interest rates go? A lot of home owners are feeling the heat already.
https://www.washingtonexaminer.com/polic...en-percent
Mortgage rates have raced to above 7%, the highest level since 2001, as the Federal Reserve aggressively hikes interest rates.
As of Tuesday, the average 30-year fixed-rate mortgage popped to 7.08%, up a staggering 3.94 percentage points from a year before, according to Mortgage News Daily. That is a 1.8-point jump since just the start of August. The rate on an average 15-year fixed-rate mortgage rose to 6.33%.
The historic 7% level notched this week comes after Freddie Mac reported earlier this month that the 6% threshold had been breached, showing just how quickly the central bank’s action has been able to affect the housing market.
https://www.washingtonexaminer.com/polic...en-percent
Mortgage rates have raced to above 7%, the highest level since 2001, as the Federal Reserve aggressively hikes interest rates.
As of Tuesday, the average 30-year fixed-rate mortgage popped to 7.08%, up a staggering 3.94 percentage points from a year before, according to Mortgage News Daily. That is a 1.8-point jump since just the start of August. The rate on an average 15-year fixed-rate mortgage rose to 6.33%.
The historic 7% level notched this week comes after Freddie Mac reported earlier this month that the 6% threshold had been breached, showing just how quickly the central bank’s action has been able to affect the housing market.
