Average long-term U.S. mortgage rates made their biggest one-week jump in 35 years, one day after the Federal Reserve raised its key rate by three-quarters of a point in bid to tame high inflation.
An NYSE sign is seen on the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. Wall Street got back to selling on Thursday, reversing course a day after a climbing on hopes that the Federal Reserve's huge interest rate hike it made this week won't be a common practice in its ongoing fight against inflation. Stocks were opening sharply lower, sending the S&P 500 down 2.7%, and Treasury yields were moving higher again. Average long-term U.S.
Higher borrowing rates appear to be slowing the housing market, a crucial part of the economy. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared.
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