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US 30-Year Mortgage Rate Breaches 6.5%, Highest Since 2008

  • MBA’s contract rate has jumped more than a point in six weeks
  • Gauge of mortgage applications slips to lowest since 1999
Updated on

US home loan costs continue to soar as the average contract rate on a 30-year fixed mortgage pushed north of 6.5% last week for the first time since 2008, risking a more pronounced downturn in the housing market.

The 30-year rate has climbed by about half a percentage point in just the last two weeks and more than a full point in the last six, highlighting the speed at which borrowing costs have increased as the Federal Reserve intensifies its inflation fight.