The average rate on the popular 30-year fixed mortgage rate hit 8% Wednesday morning, according to Mortgage News Daily.
That is the highest level since mid-2000. “Here’s another milestone that seemed extreme several short months ago,” said Matthew Graham, chief operating officer of Mortgage News Daily. “The fact is that many borrowers have already seen rates over 8%. That said, many borrowers are still seeing rates in the 7s due to buydowns and discount points.” As CNBC reports, to put it in perspective, a buyer purchasing a $400,000 home with a 20% down payment would have a monthly payment today of nearly $1,000 more than it would have been two years ago.
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As Andrew Moran detailed earlier via The Epoch Times, the U.S. housing market has witnessed a slowdown in activity this year due to tighter supply, says Thomas Barkin, […]
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