BIG NEWS: For the first time since August 2000, 30 year fixed mortgage rates surged to 8% according to the Mortgage News Daily. This milestone comes as the yield on the 10 year U.S. Treasury bond surged to the highest levels since 2007. Due to high rates, applications for mortgage loans fell to multi-decade lows last week. For example, home purchase applications fell to the lowest levels since February 1995. This is likely from elevated mortgage interest rates and home prices as homebuyers are priced out of the market or opting to wait for more favorable conditions.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 8.0% (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 (inactive 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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