Mortgage rates rose 23 basis points this week, even closer to the 6% mark, as the market reacts to the Fed’s ongoing aggressive policies to combat persistent inflation.

According to the latest survey from Freddie Mac, the 30-year fixed-rate mortgage rose to an average of 5.89%, up from last week’s 5.66%. A year ago this time, rates averaged 2.88%. The index compiles only purchase mortgage rates reported by lenders during the past three days.    

“Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy to combat elevated inflation,” Sam Khater, chief economist at Freddie Mac, said in details ⇒

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