U.S. mortgage rates spiked to record highs for the fifth straight week following the Federal Reserve’s decision to raise its key interest rate.
The average interest rate on a 30-year fixed-rate mortgage was 6.29 percent for the week ended Sept. 22, according to data from the mortgage lender Freddie Mac. This is the highest level since 2008, when the United States was going through a recession. Mortgage rates had last peaked at 5.81 percent on the week ended June 22, and declined to 4.99 percent on Aug. 3, before rallying to exceed the 6 percent level. A year ago on Sept. 22, 2021, the average interest rate on a 30-year fixed-rate mortgage was only 2.88 percent.
