Mortgage Interest Rates Predicted To Hit 10% | Housing Market Update

1 year ago
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Housing Market: Financing your home purchase may cost a lot more. Mortgage rates are predicted to hit 10% in the very near future. Watch the housing market update with Ric Bender; Empowering Prosperity.

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â–¶ TIME STAMPS

00:00 Intro
00:16 Video Overview
00:53 Mortgage Interest Rates
1:54 Mortgage Industry Economic Concerns
4:45 Mortgage Interest Rates Rising
9:00 Outro

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â–¶ VIDEO NOTES

Buyers Beware: Mortgage Rates Likely to Hit 8%-10% by 2025

The average interest rate on a 30-year fixed-rate mortgage loan is 5.74% as of late July, up sharply from 3.01% a year ago. And while this has certainly made homeownership far less affordable for buyers who don't have the ability to buy a home in cash, it's also important to realize that this isn't terribly high from a historical perspective.

I'm not just talking about the inflationary period of the late 1970s and early 1980s. The 30-year mortgage rate was above 7% for most of the 1990s and didn't fall below 5% for the first time ever until after the 2008 housing market meltdown. The takeaway? Don't think mortgage rates can't get even higher.

In fact, some experts are projecting that that's exactly what is going to happen. Here's a look at where mortgage rates could be going, and what it could mean to home buyers.

Click here to read the entire article - https://www.fool.com/the-ascent/mortgages/articles/buyers-beware-mortgage-rates-likely-to-hit-8-10-by-2025/

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