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Mortgage Rates Rise Following Fed Hike

Location
Seattle, Portland, San Francisco
Publish Date
2023/02/24

The avg on the benchmark 30-yr rate ↑ to 6.12% in early February from 6.09% the previous week. The Fed raised its benchmark lending rate by 0.25, bringing its key rate to a range of 4.5% to 4.75%, the highest in 15-yr. The rise in mortgage rates over the past year has caused sales of existing homes ↓ for 11-mo to the lowest level in more than a decade. Higher rates can add hundreds of dollars a month in costs for homebuyers, on top of already high home prices.

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