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The most popular mortgages in the United States now have an average interest rate above 6%, the first time since 2008 that number has been exceeded.
According to data from the Mortgage Bankers Association (MBA), average interest rates have doubled over a year ago, Reuters reports.
The Fed’s rate hikes continue to raise borrowing costs to recover from higher rates.
Reuters reported overnight that the Fed had raised rates by 225 basis points since March. US Treasuries rose on hopes that the central bank would tighten the 10-year bond that serves as a benchmark for loans.
The average 30-year mortgage rate rose seven points to 6.01% in the week ending in September. 9 – A level not seen since the end of the Great Depression and financial crisis, according to Reuters.
The Composite Market Index, which measures the number of mortgage applications, fell 64% from this time last year, according to MBA data. The MBA Refinance Index is down 83.3% from a year ago and continues to fall.
The MBA Refinance Index, which was down 83.3% from this time a year ago, fell 4.2% from last week, Reuters reported.
The Fed is likely to be forced to raise interest rates by 75 basis points, its third rate hike since the worst-ever rate hike expected earlier this month.
Investors are now starting to predict that the Fed will raise rates faster and harder than previously thought, Reuters reported. The market for the new house falls in six holes in July, Reuters reported.
Reference Source: Top Class Actions
