Average interest rate for 30-year fixed-rate mortgage hits 6% for first time in 14 years

Source: Fox Business — 

The average interest rate for 30-year fixed-rate mortgages hit the 6% mark for the first time in 14 years, according to a Mortgage Bankers Association (MBA) survey released Wednesday.

The MBA’s latest Weekly Mortgage Applications Survey found the average interest rate for the most popular U.S. home loan rose from 5.94% the week ending Sept. 2 to 6.01% the week ending Sept. 9. 

Last week’s average rate of 6% marks the first time since 2008 that it has hit that figure and is “essentially double what it was a year ago,” Joel Kan, the associate vice president of economic and industry forecasting at MBA, said in a press release.