BIG NEWS: Average mortgage rates have surged 203 basis points (2.03 percentage points) since August 1st! The average 30yr fixed rate mortgage according to the Mortgage News Daily as of today (9/27/22) is 7.08% (for borrowers with exceptional credit). These are the highest rates we've seen in 20 years (since April 2002). One year ago, average mortgage interest rates were only 3.14%. Due to this rise in interest rates, the average monthly mortgage payment for homebuyers has increased by $839 more per month (a whopping 70% increase based on the median list price now versus one year ago).
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7% 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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