Economics
Mortgage Rates in US Jump to 5.89%, Highest Level Since 2008
- Economist says that dispersion of rates has also increased
- Mortgage News Daily shows borrowing costs higher than 6%
New homes at a development in Arcola, Texas.
Photographer: Mark Felix/BloombergThis article is for subscribers only.
Mortgage rates in the US climbed for the third week in a row, reaching the highest level since 2008 and squeezing affordability as the US housing slowdown deepens.
The average for a 30-year loan increased to 5.89%, up from 5.66% last week, Freddie Mac said in a statement Thursday.