Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. Mortgage rates have almost doubled since the start of this year. But now all eyes are on the central bank's campaign of interest rates hikes in its fight against inflation. "The housing market continues to face headwinds as mortgage rates increase again this week," said Sam Khater, Freddie Mac's chief economist. As a result of the higher rates, home prices have started to soften and sales have decreased .

Source: CNN September 23, 2022 00:49 UTC