Mortgage Rates Climb Again, Jumping to More Than 5.5%

Mortgage rates have jumped yet again as investors tried to make sense of their mix-signaled data of the health of the U.S. economy.

According to CNN Business, the 30-year fixed-rate mortgage averaged 5.55% in the week ending August 25, up from 5.13% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.87%.

After starting the year at 3.22%, mortgage rates rose sharply during the first half of the year, hitting a high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve’s mission to combat inflation have made them more volatile.

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