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Mortgage Rates climb to highest point in 11 years….

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Inflation ?

Hike in interest rates.?…

Great Economy?

Something ain’t Right…..

Rates for 30-year, fixed rate mortgages moved above 5 percent for the first time in 11 years, Freddie Mac reported Thursday.

Low rates fueled the revival of the housing market after the Great Recession, and in the past two years have helped drive home prices to record levels. But they have climbed nearly two percentage points since the start of the year. A year ago, the 30-year fixed rate mortgage stood at 3.04 percent.

Rising rates have started to put a damper on demand. Fewer home buyers are submitting applications than they were a year ago, according to the Mortgage Bankers Association. They’ve also curtailed refinance activity: Applications were down 62 percent from a year ago last week….

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  1. Trying to claim the economy is “great” while inflation is at a forty year high?

    Is ridiculous.

    Little of it is directly Bidens fault(although that second “pandemic stimulus “ certainly didn’t help) but here it is and decelerating it will not be easy or popular.

    • Actually?

      The pandemic started on Trump’s watch yup Jack….

      The consensus is a recession is due as result of the Fed’s inflation rate hikes….

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