Average long-term mortgage rate jumps above 7% this week [View all]

[turbinetree]

By MATT OTT and ALEX VEIGA
15 minutes ago



WASHINGTON (AP) — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years.

Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08% from 6.94% last week. The last time the average rate was above 7% was April 2002, a time when the U.S. was still reeling from the Sept. 11 terrorist attacks, but six years away from the 2008 housing market collapse that triggered the Great Recession.

Last year at this time, rates on a 30-year mortgage averaged 3.14%.

https://apnews.com/article/inflation-business-economy-prices-mortgages-b3d20020ecddf7a13bd62fb7b5ed7c0c?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_06

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The Fed is expected to raise its benchmark rate another three-quarters of a point when it meets next week. Despite the rate increases, inflation has hardly budged from 40-year highs, above 8% at both the consumer and wholesale level.

When corporate greed is the driving force on price gouging, supply chain issues, to sustain the corporate greed, the average consumer should not be the ones paying the price....when a CEO on average like Amazon makes 58:1 in wages compared to the worker, and some CEO's are making over 900 % in a wage compared to the average worker.....there is something really wrong with this picture....and don't get me going on US oil companies exporting oil.....exporting about 30% of its oil.....