BUSINESS

U.S. Mortgage Rates Running At 16-Year High

Mortgages in the U.S. are seeing their highest interest rates in 16 years.

The increase follows the U.S. Federal Reserve’s aggressive interest rate hikes instituted to curb inflation sufficiently.

Data from the U.S. Mortgage Bankers Association showed that mortgage rates have more than doubled since the start of the year.

The average contract rate on 30-year fixed-rate mortgages rose by six basis points to 6.81 percent for the week ended October 7.

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Readers Bureau, Contributor

Edited by Jesus Chan

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