“This Is The Sharpest Turn In The Housing Market Since The 2008 Crash” As Mortgage Rates Soar Above 6%
THURSDAY, SEP 15, 2022 – 11:40 AM
And the hits just keep on coming for the US housing sector.
Three months after hitting the highest level in 14 years, on Thursday mortgage rates hit a fresh post-financial crisis high when they topped 6%, a jolt to home buyers who last year were paying less than half that.
The latestmortgage lender survey by Freddie Macfound thatthe average rate on a 30-year fixed mortgage climbed to 6.02% this week,up from 5.89% last week and 2.86% a year ago. The last time rates were this high was in the heart of the financial crisis in November 2008, when the U.S. was deep in recession.
The jump in mortgage rates – a welcome development by the US central bank…
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