Average 30yr fixed rate mortgage rates surged BIG TIME to 7.22% as of 10/19/22. These are the highest rates we’ve seen since approximately December 2000 (or, a 22 yr high). Mortgage rates have now risen by a staggering 4 percentage points in the last 12 months and over 2 percentage points since August 1st. The sharp increase in interest rates has caused home builder confidence for the construction of new single-family homes to fall for 10 consecutive months per the National Association of Home Builders (NAHB) monthly survey. Builder confidence is at the lowest level since August 2012, if you exclude the onset of the pandemic.
I also share the latest report from the US Census Bureau for permits authorized, housing starts, units under construction and the number of units completed. For example, housing starts for single family homes fell a whopping 18.5% from September 2021 versus a 16.5% gain for 5+ units during the same time period.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.2% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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