According to Bankrate.com, the average 30 year mortgage jumped to 7.06 today, after touching on 7% last week. Please post your "7% is not high, my first mortgage was at XXX% posts below, in nice ,orderly, increasing order.
Any bets on how fast this will put a serious crimp on housing starts?
https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-monday-october-3-2022/Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past 6 percent as the Federal Reserve cracks down on inflation. The rate chart could continue to look choppy — the Fed’s rate-raising stance against inflation also could lead to a recession, and that could cause mortgage rates to retreat.
The central bank raised rates again at its September meeting. The one-two punch of consecutive rate increases of three-quarters of a point are likely to cool the economy. “The cumulative effect of this sharp rise in rates has cooled the housing market and caused the economy to start slowing, but hasn’t done much to lower inflation,” says Greg McBride, CFA, Bankrate chief financial analyst.
Average mortgage rates today
Product Rate Last week Change
30-year fixed 7.06% 6.59% +0.47
15-year fixed 6.16% 5.80% +0.36
5/1 ARM 5.25% 4.90% +0.35
30-year fixed jumbo 7.06% 6.58% +0.48
Rates as of October 3, 2022.
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