Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Mortgage buyer Freddie Mac reported Thursday, Sept. 15, 2022 that the 30-year rate rose to 6.02% from 5.89% last week. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it's been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86%.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 5.21% from 5.16% last week. Last year at this time the rate was 2.19%. "While we’re not completely stopping our search, I definitely feel that home prices need to come down for them to become affordable,” he said.
Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for U.S. Treasurys.
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