US mortgage rates hit 16-year high

[brooklynite]

Source: The Hill

Mortgage rates reached a 16-year high last week, further dampening demand from home buyers, according to data from the Mortgage Bankers Association released Wednesday.

The 30-year fixed mortgage rate rose to 6.75 percent in the final week of September, the highest figure since 2006. Mortgage rates have climbed a whopping 1.3 percentage points over seven straight weeks of increases.

Mortgage applications fell 14.2 percent from the week prior, according to the MBA, amid rising mortgage rates, which stem from the Federal Reserve’s persistent interest rate hikes aimed at fighting inflation.

“The steep increase in rates continued to halt refinance activity and is also impacting purchase applications, which have fallen 37 percent behind last year’s pace,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.

Read more: https://thehill.com/policy/finance/housing/3674714-us-mortgage-rates-hit-16-year-high/

[DENVERPOPS]

1. Oh Wow, 6.7%

I seem to remember that mortgage interest got up to 16% under Reagan.........Maybe I am wrong.

Of course, that was when most of the middle class could afford home PURCHASE PRICES at that time..... There was that, too !!!!!!!

I could go on and on about the ton of crap that had it's roots in the period that Reagan occupied the White House, but most people miss the fact that it WASN'T "Reagan", it was HWBush/Cheney/Rumsfeld running every thing and enacting TONS of crap that was hell bent on destroying the Middle Class.............Eight years under Reagan, then HW was appointed for Four more years and the same CABAL continued their assault on the middle class, then, with "W" as a brainless front man pawn, they brought back Cheney/Rumsfeld/ etc etc for another Eight years of shit that continued to destroy the middle class..............Then they installed Trump (a manipulative, corrupt, con man,) for Four years, and let him serve as a PILE DRIVER, destroying everything and anything below the top 1%.

Between Fox Entertainment and Donald Trump, they have successfully Conned and Manipulated 70 Million Voters, by using the countless methods that Hitler used so many years ago. And with the mentoring and alliance of Putin, The entire Republican Party is goose stepping the country right into destroying our economy, and the U.S. Constitution.

If you think January 6th was horrific, just wait for November 9th ACROSS THE ENTIRE NATION, (in every state, esp the Blue States). I hope that I am wrong, but in the shadows, they are already orchestrating and organizing across the nation for another massive Coup on November 8th..............

I will get off of the soap box I have been shouting from since two months before Reagan got appointed.

The PERFECT title for a book about the past 40+ years would be: WHILE THE NATION SLEPT

MARK HILLARY'S WORDS WHEN SHE SAID: "THERE IS A HUGE RIGHT WING CONSPIRACY".............

OH, and I am waiting to see what the Republican Party will dump on the nation. They have always had an OCTOBER SURPRISE two weeks before elections and I am waiting to see what they have created for this year.......(Comey's phony bull shit about Hillary's emails was the one they used in 2016)

[Marthe48]

2. It was very high in the late 70s into 80s

We bought a house in 1973, and managed to hang on to it through the recession, inflation, oil prices. I remember interest kept going up, but we were locked in under 5%, can't remember exactly. We paid 9500.00 for a 2 bedroom house on 9 1/2 acres of land. Paid $71.00/month mortgage on a 15 year mortgage.

[Farmer-Rick]

3. My first house cost $30,000

It was small but on a lake.

I got 13% interest and thought I was lucky.

[Evolve Dammit]

7. Cheney and Rumsfeld and their cabal voted against Medicare in 1964? It's the same just juiced now.

Rabid destruction of anything helping people and hell-bent on destroying unions, middle class, and women's rights. Hell, most voting rights, religious freedom, freedom of the press, etc., etc. And they really hate LGBTQ and BOOKS

[Johnny2X2X]

4. I remember getting 7.5% in 1995 and no one could believe it was that low

6.75% is still low.

I feel so lucky to have 3.25% on my current home. People looking to buy, just wait it out another year or so, they'll start coming back down in late 2023.

I think renters have it the worst right now though.

[Marthe48]

5. Every single thing cost a lot more than it should

but people don't get paid what they should. I don't know what the answer is.

[Evolve Dammit]

6. First house 44,000 with 2.5 acres. Lucky to get 9.9% through gov't program. All others much higher.

Housing prices are insane, like college, food, insurance and prescription drugs. Remember when Blue Cross/ Blue Shield was non-profit??
I really feel for anyone starting out today. Rates may have been high, but prices were low. All over now.

[FredGarvin]

8. People Need To Save /s

Current bank APR for people saving for a home is 2% for a 6 month $10K CD.
Which is a loss of 6% year over year.
Eaten by raging 8% inflation.

16 years ago inflation was at 1.1%.
A 6 month CD was over 6%.
People could actually save for a down payment for houses that were wayyyy more affordable for us working stiffs.

Low interest rates for the past decade have decimated the middle and lower classes.

[pansypoo53219]

9. things were way worse in the past. i started reading my 1987? greider book-secrets of the temple.

its like deja vu.