Posted on 04/15/2022 9:48:24 AM PDT by Browns Ultra Fan
Long-term U.S. mortgage rates continued to climb this week as the key 30-year loan rate reached 5% for the first time in more than a decade amid persistent high inflation.
The average 5% rate on the 30-year mortgage was up from 4.72% last week, mortgage buyer Freddie Mac reported Thursday. The average rates in recent months have been showing the fastest pace of increases since 1994. By contrast, a year ago the 30-year rate stood at 3.04%.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, jumped to 4.17% from 3.91% last week.
Yet The Federal Reserve’s balance sheet keeps on growing.
The Federal Reserve reminds me of the Ray Bradbury novel Fahrenheit 451 where the fireman actually burn books rather than extinguish fires.
(Excerpt) Read more at confoundedinterest.net ...
FED’s goal:
Kill America and America’s middle class.
Deliver all wealth to the [Crown].
They have to keep printing money because we are living in an illusion. Remove the pumping and it crashes - bigly.
I may be in the minority here and do not wish big economic pain on the nation but as a father I would like to get the crash over with while my children remain under my roof so they can launch their lives in whatever the “new normal” becomes.
It is going to crash because of the Fed, a lying media and watchdogs, and a government that is addicted to debt/spending.
I purchased a brand new home in Tacoma, Washington in 1976. Price was $23,500 with $800 down payment and 9-3/4% interest rate. The payments were around $250 per month IIRC.
If your point is that, like the Carter years, we might get through this, good comparison.
It sure seems like that since Volcker left.
I thought my daughter paid too much for a 40 year old house in Seattle, asking price was $750,000. But that was 18 months ago, and she locked in 30 year mortgage rate pretty much at the low point. Now I am thinking she did a smart purchase. Zillow now estimates price at $1 Million plus. But Zillow inflates prices.
Actually zillow prices are pretty accurate.
Estimate is one thing but can you actually sell at that price is another thing.
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