General World News

Purchase mortgage rates rise ahead of Federal Reserve meeting

Purchase mortgage rates increased for the second consecutive week but at a slower pace as the market chewed on the latest U.S. inflation data, the expectation of a tightening Federal Reserve’s monetary policy, and its economic impacts.  

After jumping 20 basis points last week to 5.50%, purchase mortgage rates increased this week to 5.54%, according to the latest PMMS survey from Freddie Mac. The index compile rates reported by lenders during the past three days.   

“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “Consumer concerns about details ⇒

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