Average US mortgage rates show biggest single week jump in 35 years ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 22
Average long-term US mortgage rates had their biggest one-week jump in 35 years with the Federal Reserve this week raising its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported on Thursday that the 30-year rate climbed from 5.23 per cent last week to 5.78 per cent this week, the highest its been since November of 2008 during the housing crisis. Wednesday's rate hike by the Fed was its biggest in a single action since 1994. The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Mortgage applications are down more than 15 per cent from last year and refinancings are dow

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