30-year mortgage rate just hit 7.60% — highest since November 2023.
This matters because housing affordability is already stretched. Higher rates mean:
• Monthly payments up ~$200-300 on a $400k loan vs. last year
• Fewer buyers can qualify
• Existing homeowners locked into sub-4% rates aren't selling
• Inventory stays tight
Housing market's been frozen for a while, but this pushes it further into deep freeze. Builders ($DHI, $LEN, $PHM) already pricing in slower demand. Mortgage lenders feeling the squeeze too.
If rates stay here or climb, expect more pressure on consumer spending and housing-related stocks.
This matters because housing affordability is already stretched. Higher rates mean:
• Monthly payments up ~$200-300 on a $400k loan vs. last year
• Fewer buyers can qualify
• Existing homeowners locked into sub-4% rates aren't selling
• Inventory stays tight
Housing market's been frozen for a while, but this pushes it further into deep freeze. Builders ($DHI, $LEN, $PHM) already pricing in slower demand. Mortgage lenders feeling the squeeze too.
If rates stay here or climb, expect more pressure on consumer spending and housing-related stocks.
