TedMag.com
U.S. mortgage rates have hit their highest levels in almost 14 years. The 30-year rate jumped to 5.89% from 5.66% recently. That's the highest the long-term rate has been since November of 2008. A year ago, the rate stood at 2.88%. The Federal Reserve announced in March, 2022, that it was raising its benchmark short-term interest rate. We are also seeing the first time the 15-year rate has been above 5% since 2009. A year ago, the rate stood at 2.19%. Home buyers will pay up to $600 more per month for a conventional 30-year mortgage. Home prices have continued to climb, and were nearly 16% higher in July, 2022, compared with a year ago.