US 30-Year Mortgage Rate Hits Highest Level in Over Two Years

The US fixed 30-year mortgage rate has reached its highest level in over two years, climbing to 7.12% according to data released by the Mortgage Bankers Association.

This increase follows a short-term policy interest rate hike by the Federal Reserve aimed at curbing persistent inflation and rising oil prices.

The average contract rate on a 30-year fixed-rate loan increased by 15 basis points during the week ended September 18, with lending costs tracking movements in US Treasury yields.