A brief excerpt:
Mortgagenewsdaily.com reports that as of today, average 30-year fixed mortgage rates are at 5.85% for top tier scenarios. Rates increased today as a result of the inflation report released this morning. Here is a graph from Mortgagenewsdaily.com that shows the 30-year mortgage rate over the last 5 years.
It is the sharp increase in monthly payments – due to sharply higher mortgage rates – that is impacting the housing market.
Yesterday, Sam Ro tweeted some analysis from Goldman Sachs on the median monthly payment. This analysis was before the sharp jump in rates today.
“The median monthly payment of a 30-year mortgage is up 56% year-over-year”
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