Home News Average interest rate for 30-year fixed-rate mortgage hits 6% for first time in 14 years

Average interest rate for 30-year fixed-rate mortgage hits 6% for first time in 14 years

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30-year fixed average interest rate Housing loan A survey by the Mortgage Bankers Association (MBA) released Wednesday showed it hit the 6% mark for the first time in 14 years.

MBA’s latest Weekly Mortgage Application Survey found: Most Popular US Mortgages It rose from 5.94% in the week ending September 2nd to 6.01% in the week ending September 9th.

Last week’s average of 6% hit that number for the first time since 2008, “double what it was a year ago,” said Joel Kan, the MBA’s vice president of economic and industrial forecasts. press release.

A mortgage application is being arranged for a photo shoot in San Francisco, July 19, 2012. (David Paul Morris/Getty Images/Getty Images via Bloomberg)

Average interest rates on other common mortgages also rose. The study found that the average interest rate for 30-year fixed jumbo mortgages rose from his 5.46% to 5.56%, while the average interest rate for 30-year fixed FHA-backed mortgages rose slightly to 5.71%.

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15-year fixed-rate mortgage rates jumped from 5.23% to 5.30% week-by-week, according to a study. Average interest rates on variable rate mortgages also rose slightly on May 1.

Number of housing loan applications It fell 1.2% on a seasonally adjusted basis from the previous week, according to the survey. Of note, the refinancing index dropped 4% for him.

Housing loan

A mortgage application is being arranged for a photo shoot in San Francisco, July 19, 2012. (David Paul Morris/Getty Images/Getty Images via Bloomberg)

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Mortgage rates have risen sharply in the first six months of the year. federal reserve Start raising interest rates to combat inflation.

At next week’s Fed meeting, policymakers are expected to approve Another huge interest rate hike.

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interest rate sensitivity housing market It’s gotten really cold in the last few months. Home sales cancellations hit a two-year high in July, while new single-family home purchases fell for the sixth straight month. Builder sentiment has also recently reached a record low.

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