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Mortgage rates reach highest level in
over 20 years

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Posted By: NorthernDog, 8/17/2023 6:18:22 PM

The average rate for a 30-year fixed mortgage is now at its highest level in over 20 years, Freddie Mac reported Thursday. Freddie Mac's latest Primary Mortgage Market Survey shows that the average rate for the benchmark 30-year fixed note hit 7.09% this week for the first time since 2002, topping 7% for the first time since last November after rising from 6.96% the week before. At this time last year, 30-year fixed rate products averaged 5.13%. The rate for a 15-year fixed mortgage also rose, averaging 6.46% after coming in at 6.34% last week. One year ago, the rate


Since people are forced to keep renting the cost of apartments is soaring too. Bidenomics!

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Reply 1 - Posted by: snapper451 8/17/2023 6:21:19 PM (No. 1536545)
“Bidenomics” man! Look how much you’ll save on taxes when you pay all that interest! S/O
7 people like this.

Reply 2 - Posted by: reefdiver 8/17/2023 6:31:34 PM (No. 1536555)
In addition to that, home prices are at all time highs in most places. My first new house cost $35,000. The same house in our area now is at least $300,000.
6 people like this.

Reply 3 - Posted by: WimeTarmerFable 8/17/2023 6:32:49 PM (No. 1536557)
4 people like this.

Reply 4 - Posted by: DVC 8/17/2023 7:24:15 PM (No. 1536575)
I have several niece/nephews who are looking at homes, unfortunately.
4 people like this.

Reply 5 - Posted by: Illinois Mom 8/17/2023 7:46:58 PM (No. 1536589)
We married in 1975 and inflation was high. Remember Gerald Ford's W. I. N. (Whip Inflation Now) buttons? They didn't work. Then came Jimmy Carter and he did nothing to help. Now we were young and stupid at 20 and since we had both just left our parents homes', we had no idea what things were supposed to cost although I do remember that I was appalled that toilet paper was $.50 a roll. We had a decent $200 mo. apartment at the end of an O'Hare runway, we shopped at the junk yard for furniture and refinished, brought our twin beds from home and wired them together, our only splurge was a green plaid Herculon couch (turned out to be the best couch we ever had). We were okay with all of that, we saved money while we were both working and going to school. I think that most people today will have a much harder time. We sacrificed a lot of the cool things of the '70's but a new 8 track is nothing next to a $1K iPhone, or watch, a giant TV, Uber's, Door Dash, Netflix, Taylor Swift tickets, etc. They lived during a time of great prosperity under Trump, a Republican. Have they noticed that since he left Joe Biden destroyed every bit of that? If he or a similar Democrat wins in 2024 we are doomed forever? At least for us Ronaldous Maximous came to the rescue! I was stupid, I didn't vote for Reagan because they said he was a Warmonger. He was going to get us all killed. It took me about one year to see that it was all lies. We began to prosper, my husband got raises, I had three babies and stayed at home with them. We saved what we could for 9 years. Interest rates were in the 12's we were sure that we'd never buy a house. Then Reagan's economy trickled down to us. We found a nice house in a great neighborhood with good bones but an ugly face. It was below market value at $50K. The rates dropped and we got in on a 9.9 ARM. 9.9! I think it's now down to what these Millennials X's and Zoomer's will tolerate. Will it be the Green New Deal, or the desire to be free and make their own decisions? Trump has to win in '24. I'd hate to get to the day where 9.9 is again something to cheer about.
8 people like this.

Reply 6 - Posted by: wilarrbie 8/17/2023 8:42:50 PM (No. 1536640)
Maybe we all could adopt the HUNTER bidenomics of getting off scot-free from paying our taxes. But only on the first $20 million.
3 people like this.

Reply 7 - Posted by: Cyaindasun 8/17/2023 9:19:13 PM (No. 1536665)
7.09% is chump change. We had to pay 8% in 1982 under Carter. I guarantee the Biden destroy America plan will surpass the Carter numbers.
1 person likes this.

Reply 8 - Posted by: MelRae71 8/17/2023 9:40:07 PM (No. 1536679)
We closed on our house last September. Our friend and mortgage loan officer was miraculously able to get us 4.875%, shortly before rates went up. I'm thankful!
4 people like this.

Reply 9 - Posted by: JHHolliday 8/17/2023 11:28:25 PM (No. 1536740)
Right with you #5. We married in 1970 and my first mortgage payment was something like $400 a month and I just worried every month that I couldn’t make it. Somehow, we put four kids through college with one small loan. I still don’t know how we did it. They were smart kids and got a few scholarships but I still don’t know how we scratched by. Possibly because we drove old beaters for cars, didn’t take fancy vacations or buy an expensive trendy home in the “best” neighborhoods.
7 people like this.

Reply 10 - Posted by: DVC 8/18/2023 12:05:23 PM (No. 1537113)
Re #7, our first loan, in 1981 was 12.25%. We were able to refi to 9% in about 5 years, and paid it off at that, even though we could have refied to lower later on, it wasn't worth it. And refi'ed it a 9% to 15 years, paid above the payments, so paid it off at about 15 total years. But, $250K loan at 3.5% of a couple of year ago had a 30 year monthly payment of $1,088. Same loan at 7.09% pumps the monthly payment to $1678. $590 more every month. This is an increase in monthly payment of over 50%. That extra represents a total payout INCREASE of well over $200K over the life of the loan. $200K than can't go to other things. That's pretty. painful for people buying now vs two years ago.
1 person likes this.

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