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US mortgage rates hit 6.02 percent, a 14-year high as inflation soars
[BBC] The cost of a typical mortgage in the US has hit its highest level since the 2008 financial crisis as the country battles to rein in soaring prices.The average interest rate on a 30-year mortgage hit 6.02% this week, more than double what it was a year ago. For families hoping to buy a home, the moves compound affordability problems. The rise comes as the US central bank aggressively raises rates in an effort to reduce the pressures driving up inflation across the economy. US consumer prices rose by 8.3% in the year to August, the fastest rate in almost 40 years, the Labor Department said this week. The figure was higher than expected, raising expectations that the Federal Reserve will continue to raise interest rates aggressively. Mortgage rates have spiked in anticipation of the moves. "Rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding 6% for the first time since late 2008," said Sam Khater, chief economist at Freddie Mac, the government-sponsored mortgage firm that released the interest rate data. Posted by: Besoeker 2022-09-17 |
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