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Mortgage rush underway as rates set to move even higher

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Those interested in buying a home and taking out a mortgage made a time-pressed move ahead of the Federal Reserve’s expected rate hike Wednesday afternoon.

The Fed is expected to significantly raise key short-term interest rates. For the third time in a row, he could be announcing a 3/4 percentage point hike, as previous rate hikes have impacted households across the economy.

Federal Reserve Board Latest Moves is expected to lift the benchmark interest rate to a 14-year high in the 3% to 3.25% range.

“Government bond yields continue Mortgage Bankers Association vice president Joel Kang said it could rise last week in anticipation of the Fed’s September meeting.Economic and industry forecasts. “Mortgage rates continued to rise across the board last week, with 30-year fixed rates rising 24 basis points to 6.25%, the highest since October 2008.”

Ahead of the Fed’s move, overall demand for mortgage applications increased 3.8% compared to the previous week, according to the MBA’s weekly survey.

Fed likely to bring economic ‘pain’ with further big rate hikes

Real estate agent sales manager holding filing key to customer after signing sale purchase contract rental lease contract for mortgage offer and home insurance. (iStock) (iStock/iStock)

“Like interest rate fluctuations and other uncertainties about the housing market and the economy in general, Increase in mortgage applications However, purchase applications were down 30% and refinancing activity was down 83%, while still well below last year’s levels,” Kang added. Last week’s labor was similar to his day-adjusted results. ”

Refinancing also surged as the region’s index rose 10%.

homes for sale

Homes for sale in Florida. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)

Housing starts unexpectedly rose 12.2% in August, but building permits fell

The seasonally adjusted purchasing index is up 1% from a week ago.

home for sale

For sale real estate sign and beautiful new house. (iStock/iStock)

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The survey covers more than 75% of US personal mortgage applications and has been conducted weekly since 1990.

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