Mortgage Rates Are the Highest Since 2008: 3 Companies to Avoid
Mortgage rates are moving higher. According to Freddie Mac, 30-year mortgage rates surpassed 6% for the first time since 2008 and are moving directly due to the Federal Reserve's fight against inflation.
Since March, the federal funds rate, or the interest rate that banks charge each other to borrow or lend excess reserves overnight, has gone from near-zero in early March to 3.25% currently. The Federal Reserve is on a mission to bring inflation down closer to its 2% target rate, a goal reiterated by Fed chair Jerome Powell during a speech last month in Jackson Hole, Wyoming. The rate hikes have had a ripple effect across different assets and various market sectors, including nearly doubling 30-year mortgage rates that started the year at around 3%.
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Source Fool.com
