The 30-year fixed-rate mortgage averaged 6.5% in the week ending February 23, up from 6.32% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.89%. Rates had been trending downward after hitting 7.08% in November, but are now climbing again, up about half a percentage point in a month.
” On one hand, she said, the hotter-than-expected inflation might force the Fed to revisit faster interest rate growth, which is unwelcome news for both investors and businesses. “On the other hand, some policymakers did not interpret January’s data as signs of accelerating growth, choosing to wait for more information before deciding,” she said. “As a result they are in favor of implementing smaller rate hikes in the coming months, which would be welcomed by markets.
I wonder when?
I smell a stock market crash
If you have 20% down payment and excellent credit, you're still paying a minimum 6.5% rate. That's a 100% increase from this time last year. Not good for any working American.
Joe Biden is the greatest President since 1632.
And prices are also going up again. What a mess!
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