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Wall Street Journal: Mortgage rates rose to their highest level in more than 15 years, a
new high since the 2008-09 financial crisis that adds pressure to the already
cooling U.S. housing market. The average rate on a 30-year fixed mortgage
climbed to 6.7%, according to a survey of lenders released Thursday. lt was
the highest rate since July 2007 and marked the sixth week in a row of rising
rates. This week’s rate was up from 6.29% last week. Moves that large in a
single week have occurred only a handful of times since Freddie Mac started
tracking them more than 50 years ago. A year ago, rates were 3.01%
(Wall Street Journal). CNN: The Fed’s
aggressive rate hikes are having the intended effect of easing demand,
particularly in housing. As a result of the higher rates, home prices have
softened and sales have decreased. But there is still a shortage of available
homes for sale, which has kept prices elevated (CNN).
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