The Fed is expected to continue its rate hikes to control the raging inflation. The 30-year fixed-rate mortgage averaged 5.7% in the week ending September 1, 2022, up 97.2% year-over-year.
According to Sam Khater, Freddie Mac's chief economist, "The market's renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago."
