US 30-year mortgage rates rise to highest since spring 2020
Continued high housing demand expected amid limited supply, while Fed may raise interest rates soon to fight inflation
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THE average interest rate on the most popular type of US home loan rose to the highest level since May 2020, the housing finance giant Freddie Mac said on Thursday (Jan 6).
The 30-year mortgage rate rose to 3.22 per cent for the week of Jan 6, from 3.11 per cent one week prior, according to Freddie Mac's primary mortgage market survey. The rate increase follows indications that the US housing market will see continued high demand and limited supply, while the Federal Reserve may have to raise interest rates sooner than expected due to rising inflation.
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