Mortgage charges rise to almost 6.3%, the very best stage since 2008

Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve.

The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher than this time last year, when it was 2.88%, and it is the highest level seen since October 2008.

Mortgage rates have almost doubled since the start of this year. After climbing to nearly 6% in mid-June, recession fears made rates more volatile. But now all eyes are on the central bank’s campaign of interest rates hikes in its fight against inflation.

“The housing market continues to face headwinds as mortgage rates increase again this week,” said Sam Khater, Freddie Mac’s chief economist.

As a result of the higher rates, home prices have started to soften and sales…