The average 30-year mortgage moves closer to 7%, the highest level since July 2007

[DigitalDrifter]

There's likely now going to be a glut of unsold homes in the coming months and dropping home values.

Mortgage rates surge, closing in on 7%​

Mortgage rates surged for the sixth week in a row, moving closer to 7%.

The 30-year fixed-rate mortgage averaged 6.70% in the week ending September 29, up from 6.29% the week before, according to Freddie Mac. That’s the highest level since July 2007.

https://www.cnn.com/2022/09/29/homes/mortgage-rates-september-29/index.html

 

[MarathonMike]

The frightening speed at which the Fed Funds rate, T-bill rates and mortgage rates have all spiked is wreaking havoc in the housing market and the financial sectors. If Jay Powell managed a company like this, he would have been fired.

 

[jbrownson0831]

The frightening speed at which the Fed Funds rate, T-bill rates and mortgage rates have all spiked is wreaking havoc in the housing market and the financial sectors. If Jay Powell managed a company like this, he would have been fired.

The government idiots could not make it in private sector jobs.

 

[whitehall]

Remember what happened in '08? Bush might have been president but democrats were in charge.

 

[SassyIrishLass]

Me thinks the current administration is clueless about how to battle the inflation mess they created