Mortgage Rates for September 2, 2022: Rates Continue to Rise

image credit: Google.com created by Team Khichdiworld

Though mortgage rates have been steadily rising since the beginning of the year,

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The average rate for a 30-year fixed-rate mortgage is 6.08%, up 20 basis points from one week ago.

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The average rate for a 15-year fixed mortgage is 5.25%, up 17 basis points from last week at this time.

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A 5/1 adjustable-rate mortgage has an average rate of 4.45%, a rise of 11 basis points compared to last week.

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Though mortgage rates were historically low at the start of 2022,

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they have been steadily rising since then.

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In order to combat record-high inflation---

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the Federal Reserve recently raised interest rates by 0.75 percentage point.

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thanks for reading

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