Mortgage rates rise to 5.66%, weighing on housing market

Published September 1, 2022 8:01 AM

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%. The average rate on 15-year, fixed-rate mortgages, popular among homeowners looking to refinance, jumped to 4.98% from 4.85% last week. A once red-hot housing sector has cooled considerably, with many potential home buyers getting pushed out of the market as higher interest rates have added hundreds of dollars to monthly mortgage payments.

Article Topic Follows: AP National Business

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