Mortgage rates pass 6%, highest since 2008 crash

Updated: Sep 15, 2022 / 12:03 PM CDT

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(NewsNation) — As interest rates skyrocket, mortgage demand is dropping.

According to the Mortgage Bankers Association, the average 30-year fixed mortgage rate right now is just over 6%. Rates are the highest they’ve been since the 2008 housing crash.

Buyers and sellers are now at a stand-still as the housing market slows down. NewsNation business contributor Lydia Moynihan says it’s all tied to what’s happening with inflation.

Tuesday, the Consumer Price Index report showed that inflation remains high, which “disrupted everything.”

“We’re certainly going to need to get inflation under control for the span of at least three months or more,” Moynihan said Wednesday on “Rush Hour.” “It seems like we’ll have to continue raising interest rates certainly through next year, and it doesn’t appear that the end is in sight for interest rates normalizing and coming down.”

Watch the full discussion in the video above.