The Fed announced another 0.75% interest rate hike yesterday, as expected. This Fed interest rate hike is the fourth consecutive 0.75% rate increase this year. This will impact consumers because the cost of getting a loan will likely be more expensive such as a new auto loan. Also, this Fed rate hike increases the interest rate you pay on credit cards. However, the silver lining is that the rate you earn on your savings account may increase.
As the Fed increases the Federal funds rate to quell inflation, this can raise mortgage rates as well which have risen nearly 4 percentage points from 12 months ago. In today’s video, I share the true impacts of these rising rates as well as a new report from the Mortgage Bankers’ Association which showed that demand for loans to buy houses hasn’t been this low since January 2015.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.1% for the current mortgage rates (at the time of filming this video for those with exceptional 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.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty One Group in California under DRE 01923240.
