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Today, in the Calculated Risk Real Estate Newsletter: 30-Year Mortgage Rates increase to 5.85%
A brief excerpt:
Mortgagenewsdaily.com reports that as of today, average 30-year fixed mortgage rates are at 5.85% for top tier scenarios. Rates increased today as a result of the inflation report released this morning. Here is a graph from Mortgagenewsdaily.com that shows the 30-year mortgage rate over the last 5 years.
It is the sharp increase in monthly payments – due to sharply higher mortgage rates – that is impacting the housing market.
…
Yesterday, Sam Ro tweeted some analysis from Goldman Sachs on the median monthly payment. This analysis was before the sharp jump in rates today."The median monthly payment of a 30-year mortgage is up 56% year-over-year"
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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