8% Mortgage Rates are Officially Here: Watch Out US Housing Market

It’s official: 8% 30yr fixed mortgage rates are here. That is the highest mortgage interest rates in decades. For someone looking to buy a median priced home today compared to two years ago, it’s going to cost them an extra $1,193 more per month in principal and interest payments because average 30 year fixed mortgage rates have increased from 3% to 8% and home prices have increased by 12%. This is based on my analysis of data from the National Association of Realtors and Investopedia.com

In today’s video, I explain the true impacts of these rising rates for homebuyers and other early indicators of our United States housing market.

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Compilation of Housing Market Forecast videos:

Reports I shared in today’s video:
https://www.investopedia.com/mortgage-rates-5094943

https://www.showingtime.com/daily-showing-activity/

https://trends.google.com/trends

https://www.nar.realtor/foot-traffic/august-2023-foot-traffic

https://fred.stlouisfed.org/series/FEDFUNDS

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.6% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

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#interestrates #mortgagerates #housingmarket