Global interest rates rise as Moldova hikes base rate and US mortgage costs climb

Central banks and mortgage markets are facing upward pressure on interest rates. In Moldova, the National Bank has raised the base rate from 7.5% to 9% to combat inflationary pressures, which reached 6.96% in August. Economic expert Marin Gospodarenco has advised citizens to be cautious regarding new consumer loans, particularly for non-essential purchases, as rising costs may temper consumption.

In the United States, 30-year mortgage rates are approaching 7% following the largest weekly increase in a year. Joe Quinlan, market strategy chief at Merrill and Bank of America Private Bank, noted that while these levels are near historical averages, they feel high compared to the low-interest environment of the pandemic era. This trend is expected to place significant pressure on the residential real estate sector, which accounts for approximately 17% of the U.S. GDP.