(RightIsRight.co) – HAPPENING NOW: As of this moment, rates on 30-year mortgages have skyrocketed to a height last seen just before the Great Recession brought about a real estate crash unlike any seen in the United States in decades.
As Newsmax notes in “Mortgages Climb to 6.7%, Highest in 15 Years“:
“Thirty-year mortgages have jumped to 6.7%, the highest rate since 2007, just before the financial crisis of 2008, according to data from Freddie Mac released Thursday.
“This is a more than double, a 116% jump, in 30-year mortgage rates from the 3.1% they were just a year ago. The increase will put likely put a dent in prospective homebuyers’ plans.
“For instance, last year, a buyer of a $500,000 home who put down $20,000 on the home and financed the rest would pay the bank $208,000 in interest over 30 years, the Wall Street Journal estimates. Today, that buyer would pay about $529,000 in interest.” [emphasis added]
And on a related note, applications to refinance homes are down 85% from a year ago.
THIS IS A BREAKING NEWS ITEM FROM RIGHT IS RIGHT.
Thirty-year mortgages have jumped to 6.7%, the highest rate since 2007, just before the financial crisis of 2008, according to data from Freddie Mac released Thursday.https://t.co/1zoSWHbWi6
— Newsmax (@newsmax) September 29, 2022