Mortgage Rates Going Up as the Federal Reserve Rises Rates

Federal Reserve chairman Jerome Powell stated in the last speech that the the most recent economic figures have outperformed expectations

Indicating that interest rates will likely eventually be higher than projected

After the speech of Jerome Powell  Home loan interest rates increased from their previous levels, which was already creeping up

Adding eight basis points from last week's 6.65%, the 30-year fixed-rate mortgage reached 6.73% as of March 9

The average fixed-rate mortgage rate for last year was 3.85%

Federal Reserve chief Powell's speech made it clear that the central bank is ready to return to a faster pace of rate hikes

Mortgages are a rate-sensitive industry that will continue to suffer from the Federal Reserve's rate increases.

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