Skip to Content

Average US long-term mortgage rates climb to 6.29% this week

TED / YouTube

AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008, a result of the Federal Reserve’s intensified effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29% from 6.02% last week. That’s the highest its been since October of 2008 when the housing market crashed, triggering the Great Recession. On Wednesday, the Fed bumped its benchmark borrowing rate by another three-quarters of a point. Rapidly rising interest rates sent US home sales down again in August, the seventh straight monthly decline.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press


News Channel 3 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content