Bad News for Homebuyers

Home buyers are getting crushed by skyrocketing mortgage rates. As of 9/23/22, the average 30 yr fixed rate mortgage is 6.7% (per the Mortgage News Daily). These are the highest rates we’ve seen since late 2008! On top of that, mortgage interest rates have increased 360bps (3.6 percentage points) over the last 12 months and have risen 165bps since August 1st of this year. The direct impact to current homebuyers is a huge reduction in purchasing power (a drop of 10% for every 1% gain in rates).

Additionally, due to rising mortgage rates home buyers’ mortgage payments have increased by $767/mo from one year ago (a 64% increase) and a $321/mo jump since 8/1/22 (a 20% rise in the last 1.5 mos). If mortgage rates sustain at these levels, demand should fall further in the weeks and months ahead.

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Compilation of Housing Market Forecast videos:

Source of article I discussed:

Housing Market Update: Rising Prices Amid Falling Demand and Supply Reflect a “New Weird”

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.7% 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 (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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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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