The record
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- The average 30-year fixed mortgage rate in the United States rose to 7.12 per cent for the week ending September 18.
- This increase follows a recent interest rate hike by the Federal Reserve and elevated energy market prices.
- Home buyers are increasingly choosing adjustable-rate mortgages to offset higher upfront borrowing costs.
- Higher mortgage rates have resulted in a decline in overall refinancing and home purchase applications.
What to watch next
- Potential for additional Federal Reserve interest rate increases before the end of the year.
- Impact of future Federal Reserve policy adjustments on residential borrowing benchmarks.
- Trends in the adoption of adjustable-rate mortgages by home buyers.
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Named United States · Israel · Iran · Federal Reserve · Mortgage Bankers Association · Reuters
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