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Mortgage rates in the US hit the highest level since 2008

Mortgage (housing loan) interest rates in the USA saw the highest level in 14 years.

Mortgage rates in the US hit the highest level since 2008

The average interest rate for 30-year mortgages rose from 5.66 percent to 5.89 percent, according to a statement from housing finance company Freddie Mac.

Thus, mortgage rates in the USA reached the highest level recorded since 2008.

The average interest rate for a 30-year mortgage in the country was 2.88 percent at this time last year.

Freddie Mac Chief Economist Sam Khater said that mortgage rates are rising again as markets continue to consider the possibility of more aggressive monetary policy due to high inflation.

In the face of high inflation in the USA, the increase in interest rates by the US Federal Reserve (Fed) causes an increase in borrowing costs in the country.

Expectations that the Fed, which raised the policy rate by 75 basis points to the range of 2.25-2.50 percent at its July meeting, will raise interest rates by 75 basis points at its September meeting, are prominent.

Increasing mortgage rates and high housing prices in the country cause a decrease in housing demand.

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