US Mortgage Rates Climb to Three-year High 4.42%

United States mortgage rates continued to climb further, reaching the highest level in over three years. XHB is down 1.19%, while ITB is down 1.32%.

The 30-year average loan rate jumped to 4.42% from 4.16% in the past week, reaching the highest level since January 2019.
The 30-year monthly payment on a $300,000 loan now stands at $1,506, up from the $1,301 at the start of 2022.
The increase is in line with the growth in the 10-year Treasury yields after the Federal Reserve hiked its benchmark interest rate last week.
The increase is expected to drive home-loan costs even higher at the end of the year, but uncertainties remain due to the global turmoil.
A number of prospective homebuyers in the United States have postponed their purchases in the past months due to inflation and higher home prices.
Some of the buyers who entered the market during the onset of the COVID-19 pandemic rushed to refinance and took advantage of record-low mortgage rates.

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