An 8.5% average mortgage rate would be “another big shock to the housing market.”
Surging US mortgage rates could rise well above the critical 7% threshold in the wake of another alarming inflation report for September, according to a prominent economist.in September. The Federal Reserve is all but assured to implement more sharp interest rate hikes in response – a policy move that will lead mortgage rates to test highs not seen in more than two decades.this week, with the average 30-year fixed loan hitting 6.92%, according to Freddie Mac.
. “Once it’s broken, the next level of resistance is 8.5%, which would be another big shock to the housing market.”Mortgage rates approached 7% this week.Yun based his prediction on an analysis of mortgage rate trends and identified 8.5% as the next key level of resistance for the market. In other words, an 8.5% average mortgage rate is the next level at which the market could retrench in the coming months.
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