US Mortgage Rates Surge to 7.49% โ Highest in Nearly 3 Years! ๐ ๐
Bad news for homebuyers: US 30-year fixed mortgage rate just hit 7.49% for week ending Oct 2, according to Mortgage Bankers Association โ highest since Nov 2023 (7.61%).
Key Details:
๐ธ Up 19 bps from 7.30% last week โ 7th straight weekly rise
๐ธ Tied to 10-year Treasury yield hitting 24-year high on oil price + inflation fears
๐ธ 15-year rate also up to 6.71%
Affordability Impact:
On a $400K loan, monthly payment is now ~$2,794 โ up from $1,700s when rates were 3% in 2021. Purchasing power down โผ25%.
Mortgage applications fell 4.2% last week โ buyers are stepping back.
Trump reacted: "Rates should come down" blaming Fed board.
With housing + crypto both tied to Fed rates, high mortgage rates mean tight liquidity โ but also potential for rate cuts ahead?
Is this the worst time to buy a house in US? How does this affect crypto liquidity?
#USMortgageRatesRiseTo7.49% #HousingCrisis #FedRate #LearnAndDiscuss #TrendingTopic#usmortgageratesriseto7.49%
Bad news for homebuyers: US 30-year fixed mortgage rate just hit 7.49% for week ending Oct 2, according to Mortgage Bankers Association โ highest since Nov 2023 (7.61%).
Key Details:
๐ธ Up 19 bps from 7.30% last week โ 7th straight weekly rise
๐ธ Tied to 10-year Treasury yield hitting 24-year high on oil price + inflation fears
๐ธ 15-year rate also up to 6.71%
Affordability Impact:
On a $400K loan, monthly payment is now ~$2,794 โ up from $1,700s when rates were 3% in 2021. Purchasing power down โผ25%.
Mortgage applications fell 4.2% last week โ buyers are stepping back.
Trump reacted: "Rates should come down" blaming Fed board.
With housing + crypto both tied to Fed rates, high mortgage rates mean tight liquidity โ but also potential for rate cuts ahead?
Is this the worst time to buy a house in US? How does this affect crypto liquidity?
#USMortgageRatesRiseTo7.49% #HousingCrisis #FedRate #LearnAndDiscuss #TrendingTopic#usmortgageratesriseto7.49%