Mortgage rates have been on the rise in the US this August! Average 30 yr fixed rates started the month at 7.1% according to the Mortgage News Daily but as of Monday, August 28th they were 7.29%. Additionally, as of 8/28/23 there’s only been 4 days in which they decreased. Mortgage interest rates are close to the highest since December 2000.
For someone looking to buy a median priced home in the US now compared to 2 years ago, it will cost them more than $1,000 more per month in principal and interest payments. That’s due to the median sold price increasing from $365k to $407k (per National Association of Realtors or NAR) but also from average 30 yr fixed rates jumping from 2.9% to 7.3% (per the Mortgage News Daily) in the last two years.
This rise in mortgage rates and prices has caused housing affordability to drop to multi-decade lows (per data from NAR).
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.3% 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) [email protected]
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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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