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US 30-Year Mortgage Rate Hits 6.25%, Highest Since 2008

  • Rate climbed most since mid-June, MBA survey data show
  • Mortgage purchase applications are down from a year earlier

The average contract rate on a US 30-year fixed mortgage jumped to 6.25% last week, the fifth-straight advance and the highest since October 2008, illustrating a mounting challenge for the housing market.

Mortgage Bankers Association figures on Wednesday showed the rate climbed nearly a quarter percentage point, the most since mid-June, as Treasury yields respond to Federal Reserve policy efforts aimed at quashing inflation.