HOUSING AND INTEREST RATES

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Money mortgages This week, a handful of key mortgage rates crept higher. As interest rates surge, it's getting more expensive to buy a house. Written by Katherine Watt Updated Oct. 05, 2023 5 min read Tim Graham/Getty Images A few important mortgage rates saw increases over the last seven days. The average interest rates for both  15-year fixed  and  30-year fixed mortgage rates  both inched up. The average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage, also rose. In March 2022, the Federal Reserve stepped in to combat surging inflation by hiking its key interest rate. Mortgage rates, which are not set by the central bank but are indirectly influenced by rate hikes, increased alongside that. After hiking interest rates 11 times since March 2022, the Federal Reserve opted to  skip another increase  during its September meeting. However, the Fed hasn't ruled out the possibility of additional increases if inflation do...