U.S. mortgage rates reach highest level in 14 years

According to the U.S. Mortgage Bankers Association (MBA), the average mortgage rate for U.S. home loans rose above 6.5% for the first time since August 2008 and more than doubled from a year ago.

The average interest rate on 30-year fixed-rate mortgages rose 0.27% last week to 6.52%. This was the highest level since the end of the financial crisis and the Great Recession.

The average mortgage rate has risen steadily since early 2022, given the yield on 10-year U.S. Treasury bonds, the benchmark for mortgage rates. The U.S. Federal Reserve (Fed) has accelerated its rate hikes to contain inflation.

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