Mortgage rates are very close to the lowest levels since early 2023 but nowhere close to the ~4% "normal" pre-COVID rates which I wouldn't hold my breath for as a target.
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even a low 5 handle would have been a sweet spot - low enough to encourage potential buyers to not wait on the sidelines, while high enough to keep the markets from getting too frothy and prices to start spiraling up again.
It would be the Same or Higher, because Biden didn't do anything about the Corporate Profits causing Bidenflation and neither would Harris, notice the Rates went up when Biden was in Office. You have to go back to what caused the Interest Rates to go up in the 1st place. https://youtu.be/UHPrbE-2JMw?si=fvcvzHaUHxkLvhIE
Unfortunately the Finance Debt Load on the Median Priced $450,000 Home at 6.65% Mortagage Rates is out of reach. $2500 a Month just in Interest. You are looking at a $4000 Monthly Payment. $48K PostTax a Year is pretty much the Median Salary in US. #HousingCrisis #CancelStudentDebt #Neoliberalism
And it won't matter much for the economy because a large percentage of Americans still have a mortgage well below here. (Though for anyone getting a nice refi I am personally very happy for you.)
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I don't see any reason that under normal circumstances interest rates wouldn't drift towards the relative peak of 2018.
Oh well!