Interest rates on mortgages have spiked above 6 percent amid fears that the U.S. Federal Reserve could raise benchmark interest rates even further in a bid to contain inflation.
The interest rate on a 30-year fixed-rate mortgage was 6.28 percent as of June 14, 2022, according to Mortgage News Daily. This is a jump of almost one percentage point from the 5.38 percent rate on May 13, and a jump of more than 3 percentage points from June 14, 2021, when the interest rate was 3.05 percent.
The 10-basis-point jump on June 14 followed a 33-basis-point hike on June 13. In total, interest rates for the first two days this week have risen by 43 basis points combined….