The average 30-year mortgage rate has risen to 5.89%, the highest level since 2008, according to new data.
Mortgage rates briefly declined for a period this summer even as the Federal Reserve raised the key interest rate to fight inflation. Markets have been closely watching the Fed's moves since the interest rate hikes began in March.
Mortgage rates tend to track U.S. government bond yields. This week, the yield on the 10-year Treasury note jumped as high as 3.35%, itself the highest level in more than a decade.
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