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US mortgage rates grew by 6% due to inflation for the first time since the housing crash of 2008
Posted on September 19, 2022 |
- The 30-year rate grew by 6.02% from 5.89% last week and the long-term average rate doubled since 2021 and is the highest since November 2008.
- The average rate on 15-year, fixed-rate mortgages grew by 5.21% from 5.16%, and last year at this time the rate was 2.19%.
- It is influenced by a variety of factors, including investors' anticipations for future inflation and global demand for US Treasurys, recently, the 10-year Treasury rate grew by 3.45% due to rapid inflation and strong US economic growth.
- The gas prices relapsed significantly since early in the summer, and prices for most other necessities increased, which panicked investors who fear a possible recession.
Image: The World Economic Forum