(RightIsRight.co) – HAPPENING NOW: Hitting a level no one under the age of 40 to 45 has ever had to pay, mortgage rates have skyrocketed above 7% – rates not reached in 20 years.
As National Review takes notice of in “Mortgage Rates Reach 20-Year High“:
“Mortgage rates reached a 20-year high on Thursday, passing 7 percent for the first time since April 2002, Freddie Mac reported. The news comes as rapidly-increasing borrowing costs continue to shut out many first-time borrowers and slow the U.S. housing market.
“The 30-year fixed-rate mortgage, the most popular among Americans, rose to 7.08 percent on Thursday, up from 6.94 percent last week, Freddie Mac reported. A year ago, a 30-year mortgage averaged 3.14 percent.
“A 15-year fixed-rate mortgage averaged 6.36 percent on Thursday, up from 6.23 percent last week, and up from 2.37 percent a year ago.” [emphasis added]
Today’s rates were met with the following statement from Sam Khater, Freddie Mac’s chief economist:
“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
THIS IS A BREAKING NEWS ITEM FROM RIGHT IS RIGHT.
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