Average long-term US mortgage rates up another quarter point

Published October 13, 2022 8:09 AM

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates reached their highest level in more than two decades this week and are likely climb further as the Federal Reserve all but promised more rate increases as it tries to tamp down inflation. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.92% from 6.66% last week. Last year at this time, the rate was 3.05%. The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 6.09% from 5.9% last week, the first time it’s breached 6% since the housing market crash of 2008.

Article Topic Follows: AP National Business

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