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The Independent UK
The Independent UK
National
Joe Sommerlad

How high can US mortgage rates climb?

United States US Federal Reserve Inflation Interest Rates
AP

US mortgage interest rates have soared beyond six per cent. It’s the latest blow to prospective homebuyers already facing record house prices.

Average contract rates for a 30-year fixed-rate mortgage hit 6.28 per cent on Tuesday before dipping slightly to 6.03 per cent on Thursday morning, according to Mortgage News Daily, a climb from the 5.65 per cent recorded for the week ending Friday 10 June, which was already the highest level seen since late 2008 when the financial crisis and Great Recession were underway.

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