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BIDENOMICS: Mortgage Rates Rise to Highest Point in 20 Years at 7.09 Percent

Friday, August 18, 2023 9:33

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Mortgage Rates Rise to Highest Point in 20 Years at 7.09 Percent

Madness:

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— Simon Ateba (@simonateba) August 16, 2023

Wall Street Journal: The average mortgage rate rose to 7.09%, its highest level in more than 20 years, according to data released Thursday by mortgage giant Freddie Mac. The increase extends a lengthy stretch of high borrowing costs that has slowed the housing market to a crawl. This marked the first time since last fall that the rate on a 30-year, fixed-rate mortgage rose above 7%. A year ago, rates were around 5%. The housing market is the part of the economy hit most directly by the Federal Reserve’s high-rate policies. The resulting slowdown in refinancing and purchase activity has battered some mortgage lenders, leading to tens of thousands of layoffs in the industry and weighing on economic growth (Wall Street Journal).

https://twitter.com/laurenboebert/status/1689331624045842432?s=20

Associated Press: The average rate on a 30-year mortgage remains more than double what it was two years ago, when it was just 2.86%. Those ultra-low rates spurred a wave of home sales and refinancing. The sharply higher rates now are contributing to a dearth of available homes, as homeowners who locked in those lower borrowing costs two years ago are now reluctant to sell and jump into a higher rate on a new property. The lack of housing supply is also a big reason home sales are down 23% through the first half of this year (Associated Press).

Source: https://gellerreport.com/2023/08/mortgage-rates-skyrocket.html/

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