Mortgage Interest Rates Rise To Highest Level Since 2006


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(Worthy News) – The average rate on the most popular U.S. home loan rose to its highest level since 2006 as the sector continued to bear the brunt of tightening financial conditions, data from the Mortgage Bankers Association (MBA) showed on Wednesday.

Mortgage rates have more than doubled since the beginning of the year as the pursues an aggressive path of interest rate hikes to bring down stubbornly high .

Those actions, designed to cool the sufficiently to curb price pressures, have weighed heavily on the interest-rate-sensitive housing sector as expectations for Fed tightening have led to a surge in Treasury yields. The yield on the 10-year note acts as a benchmark for mortgage rates. [ Source: Washington Free Beacon (Read More…) ]

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