U.S. mortgage rate has surged to its highest level in over two decades , driven by the Federal Reserve’s efforts to raise interest rates. Bloomberg recently reported on this, citing a survey by the Mortgage Bankers Association.
According to the trade association, the average 30-year fixed mortgage contract rate increased by 12 basis points during the reporting period, marking the most significant rise since mid-August. The rate reached 7.53 percent on Sept. 29, the first time it has exceeded 7.5 percent since November 2000. Comparatively, around this time last year, it was slightly over 5.5 percent.
In practical terms for households, this means that while a $400,000, 30-year mortgage would have cost $1,800 per month last year, it now costs nearly $1,000 more at the current rate. (Related: BAD NEWS for home buyers: U.S. house mortgage rates SKYROCKET to HIGHEST level in two decades .)Concurrently, home-purchase applications declined by […]
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