Mortgage interest rates in the U.S. this week reached the highest level in almost 13 years as the Federal Reserve fought inflation by tightening monetary policy.
The average U.S. rate for a 30-year fixed mortgage rose to the highest level since August 2009, Freddie Mac said in a report.
The average U.S. rate for a 30-year fixed mortgage rose to the highest since April 2010, Freddie Mac said in a report on Thursday.
The average U.S. 30-year fixed rate for so-called conforming loans given to the best-qualified borrowers is the highest since February 2011.
The daily average rate for a 30-year fixed mortgage rose above 5% on Wednesday for the first time since 2018, according to Optimal Blue rate-lock data.
Mortgage rates reached a four-year high this week, boosting the average monthly home-loan payment by 20% from a year ago, Freddie Mac said.
Home-loan rates for so-called conforming mortgages eligible to be purchased by Fannie Mae and Freddie Mac increased to the highest level since the beginning of 2019.
The surge in lending for mortgages backed by the Department of Veterans Affairs came after rates dropped to a record low in the closing days of 2020.
Rates are surging after the Fed ended a pandemic-era bond-buying program and said it would discuss at its May meeting a reduction of its balance sheet.
The Fed's tightening of monetary policy sent mortgage rates soaring to a three-year high this week, making it tougher for families to buy homes.
The increase came as the Fed concluded a two-year program buying Treasuries and mortgage bonds to prevent a credit crunch during the pandemic.
Mortgage rates tumbled in the U.S. as the Russian invasion of Ukraine caused global investors to shift assets into dollar-denominated bonds.
Rates are rising as the bond markets lose their biggest buyer – the Federal Reserve.
Mortgage rates jumped to a two-year high this week as the economy showed signs of shaking off the Omicron surge.
The upward trajectory of mortgage rates stalled as economic data showed Omicron's impact on the U.S. economy.
The 18% jump in mortgage refinancing applications came as home-loan rates rose to a 22-month high last week.
Mortgage interest rates in the U.S. this week reached the highest level in almost 13 years as the Federal Reserve fought inflation by tightening monetary policy.
The average U.S. rate for a 30-year fixed mortgage rose to the highest level in a month, reversing six weeks of declines, after last week’s employment report.
Cybersecurity criminals are targeting borrowers with VA loans, often claiming to be from the government, the Consumer Financial Protection Bureau said.
Mortgage rates dropped to a five-month low on Friday as mortgage investors worried about the economic impact of the pandemic’s hyper-transmissable Delta mutation.
