Mortgage rates close in on 6%

Yahoo Finance headline: Mortgage rates close in on 6%, highest since 2008

Gabriella Cruz-Martinez·Personal finance writer
Thu, September 8, 2022 at 10:00 AM…

Mortgage rates hit their highest point since November 2008 this week, crushing homebuyer demand.

The rate on the 30-year fixed mortgage jumped to 5.89% from 5.66% the week prior, according to Freddie Mac. Rates have surged nearly three-quarters of a point in just three weeks and are now over 2.5 percentage points higher than the start of this year.

Elevated borrowing costs and inventory shortages have pushed inflation-struck homebuyers to the sidelines, while those who remain in the market are no longer rushing to make a bid, forcing sellers to reassess their pricing expectations.

Glad I refinanced back in 2020. A bit under 3% as I recall. Probably could have found cheaper, but that’s what I got.

Sometimes I regret getting a 10 year mortgage though because I’m losing that sub-3% money fairly quickly.

Also have about a 6% loan on our motorhome (counts as a house for tax purposes). That one is also a fixed rate and a slow payoff. Will prioritize that once we get our market-slump-portfolio fixed a bit.

Former RB and BL Home Fool, Supernova Portfolio Contributor & Maintenance Fool
He is no fool who gives what he cannot keep to gain what he cannot lose.