Mortgage rates rise again
Mortgage rates rise again after Fed says it will take 'forceful' steps to curb inflation By Anna Bahney , CNN Business Updated 1522 GMT (2322 HKT) September 1, 2022 Housing market may be slowing down but rents keep rising. Here's why 02:08 (CNN) Mortgage rates continued to climb this week following comments by Federal Reserve Chairman Jerome Powell that the central bank is taking "forceful and rapid" steps to reduce inflation and slow the economy. The 30-year fixed-rate mortgage averaged 5.66% in the week ending September 1, up from 5.55% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.87%. After starting the year at 3.22%, mortgage rates rose sharply during the first half of the year, hitting a high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve's mission to combat inflation have made them more volatile. Fed Chair Jerome Powell says 'some pain...