US Mortgage Interest Rates Hit 6.25%, Highest Since October 2008 | USA and the world and other news

Published by
Peter Kavinsky

(Reuters) – The average interest rate on the most popular US mortgage rose to its highest level since October 2008, Mortgage Bankers Association (MBA) data showed on Wednesday.

Rising mortgage rates are taking a toll on the interest-sensitive housing sector as the Federal Reserve continues to aggressively raise borrowing costs to tame high inflation.

The central bank is set to raise interest rates by three-quarters of a percentage point for the third consecutive time later on Wednesday.

Expectations of a tightening by the Fed have driven Treasury yields up since the start of the year. The yield on 10-year bonds acts as a benchmark for mortgage rates.

The average contract rate on 30-year fixed-rate mortgages rose 24 basis points to 6.25% in the week ended September 16, a level not seen since the end of the financial crisis and the Great Recession.

The MBA also said its Market Composite Index, which measures mortgage applications, rose 3.8% from a week earlier, but remained well below last year’s level. Its refinance index jumped 10.4% from the previous week but was down 82.7% from a year ago.

(Reporting by Lindsey Dunsmuir, editing by Andrew Havens)

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