News June 21, 2022

As Fed Raises Interest Rates, Highest Mortgage Rates Since 2008

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An advertising sign for building land stands in front of a new home construction site in Northbrook, Ill., Thursday, May 5, 2022. Record low-interest mortgages are long gone. Credit card rates will likely rise. You'll pay more for an auto loan. The unusually large three-quarter point hike, Wednesday, June 15, in the Fed's benchmark short-term rate is going to have a lot of impacts on Americans' finances. The hope is that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation (AP Photo/Nam Y. Huh)

In response to the Federal Reserve raising interest rates this week, homebuyers and those looking for refinancing are met with the highest mortgage rates since 2008 and the largest increase of the last 35 years.

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About the Author

Jamie Jackson

Jamie Jackson is an Emmy-nominated television and radio broadcaster who has served American Urban Radio Networks since 2015. He previously covered the Obama and Trump administrations as a White House Correspondent and Pool Reporter for AURN News. Jamie hosted a national PBS television special in 2023 and over the years has worked as a TV news anchor and local NPR host for stations across the country. His work has been honored by numerous organizations, including the NAACP and the Virginia Farm Bureau.

Jamie Jackson

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