U.S. markets closed
  • S&P 500

    3,693.23
    -64.76 (-1.72%)
     
  • Dow 30

    29,590.41
    -486.27 (-1.62%)
     
  • Nasdaq

    10,867.93
    -198.88 (-1.80%)
     
  • Russell 2000

    1,679.59
    -42.72 (-2.48%)
     
  • Crude Oil

    79.43
    -4.06 (-4.86%)
     
  • Gold

    1,651.70
    -29.40 (-1.75%)
     
  • Silver

    18.83
    -0.78 (-3.99%)
     
  • EUR/USD

    0.9693
    -0.0145 (-1.47%)
     
  • 10-Yr Bond

    3.6970
    -0.0110 (-0.30%)
     
  • GBP/USD

    1.0857
    -0.0398 (-3.54%)
     
  • USD/JPY

    143.3300
    +0.9950 (+0.70%)
     
  • BTC-USD

    19,138.88
    +310.06 (+1.65%)
     
  • CMC Crypto 200

    434.61
    -9.92 (-2.23%)
     
  • FTSE 100

    7,018.60
    -140.92 (-1.97%)
     
  • Nikkei 225

    27,153.83
    -159.30 (-0.58%)
     

U.S. mortgage rates rise to 6.29%, highest in 14 years

·1 min read
FILE PHOTO: Home for sale sign hangs in front of a house in Oakton

(Reuters) - U.S. 30-year fixed-rate mortgages rose to 6.29% on Thursday, the highest level since 2008, according to Freddie Mac's mortgage market survey.

Last week, rates averaged 6.02%. A year ago, home buyers enjoyed rates of 2.88%.

The Federal Reserve's aggressive monetary policy tightening, including a 75 basis point hike announced on Wednesday, has weakened the housing market considerably.

The Freddie Mac survey found that 15-year fixed rate mortgages averaged at 5.44% up from 5.21% the week before and 2.15% a year-ago.

“The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” said Sam Khater, Freddie Mac’s chief economist in a statement.

“Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.”

The 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.97% in the latest survey up from 4.93% last week and 2.43% last week.

(Reporting by Sinéad Carew; Editing by Lisa Shumaker)