Mortgage rates jumped higher for the fifth week in a row -- and to the highest level seen since October 2008.
How does inflation affect my standard of living?The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher than this time last year, when it was 2.88%, and it is the highest level seen since October 2008.Mortgage rates have almost doubled since the start of this year. After climbing to nearly 6% in mid-June, recession fears made rates more volatile.
"Consumers can expect to see the rates on adjustable-rate mortgages, credit cards, automotive and personal loans increase in the next few weeks," Ratiu said."For housing markets, higher borrowing costs are the very remedy the Fed is prescribing in order to cool demand and lower overheated prices.
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