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Wealth
Economics

Mortgage Rates in US Jump to 5.89%, Highest Level Since 2008

  • Economist says that dispersion of rates has also increased
  • Mortgage News Daily shows borrowing costs higher than 6%
New homes at a development in Arcola, Texas.

New homes at a development in Arcola, Texas.

Photographer: Mark Felix/Bloomberg

Mortgage rates in the US climbed for the third week in a row, reaching the highest level since 2008 and squeezing affordability as the US housing slowdown deepens.

The average for a 30-year loan increased to 5.89%, up from 5.66% last week, Freddie Mac said in a statement Thursday.