FAST FIVE: 30-Year US Mortgage Rises Above 7% For The First Time Since 2000; Fastest Surge In History
30-Year US Mortgage Rises Above 7% For The First Time Since 2000; Fastest Surge In History Less than two weeks ago we cited Freddie Mac according to which the average 30 year US mortgage just rose above 6% for the first time since 2008, with real-estate brokerage Redfin commemorating the move by saying that “This Is The Sharpest Turn In The Housing Market Since The 2008 Crash.” Well, just a few days later, Jeff Gundlach was so kind to point out this evening.
– Jeffrey Gundlach (@TruthGundlach) September 28, 2022 …that the national average 30 year mortgage rate just soared above 7.0%, hitting 7.08% and the highest since December 11, 2000.
There is nothing we can add here that isn't self-explanatory, and that we haven't said already, like for example the fastest ever collapse in YoY Case-Shiller prices, as well as the first sequential drop in 112 years.
Well, as of today, that number is just over 50%.
That's right: more than half of the average US household's income goes to paying housing payments, nearly double what this number was just two years ago.