Fed’s anti-inflation measures continue to squeeze borrowers.
Mortgage rates in the U.S. are nearly twice what they were a year ago this week, an ongoing sign of the Federal Reserve’s aggressive push to tamp down inflation by constricting the financial market to varying degrees.
Freddie Mac said in a press release this week that 30-year fixed-rate mortgages “averaged 5.66 percent with an average 0.8 point as of September 1, 2022.”
That figure is “up from last week when it averaged 5.55 percent,” Freddie mac noted, while “a year ago at this time, the 30-year FRM averaged 2.87 percent.”
Fifteen-year rates have seen an even starker jump, rising from 2.18% a year ago to just under 5% this week.
The rising mortgages rates—which are spiking after hitting historic lows amid the economic slowdown of the pandemic—come as the Federal Reserve continues its strong-armed efforts to counteract spiraling inflation rates.
Once again somebody has only done half of their homework with this article. They failed to mention the amount of Adjustable Rate Mortgages that are out there and how many People are going to lose their homes. I heard that Bank of America has a huge amount of these mortgages on their books.
ALL on BIDEN & his 2020 COUP !!!!