Yep, 30-year fixed rate mortgages spiking from the 3% range to 5% over a short term does tend to cause a lot of angst in those who may be saving for the purchase of their first home.
And seeing the rate spike to 7% and perhaps beyond is even more distressing!
The current rate for a 30-year fixed rate product for buyers with acceptable credit scores is just a shade over 7%, according to Mortgage New Daily.
https://www.mortgagenewsdaily.com/
MND also has a handy chart on their home page tracking the 10-year history of 15- and 30-year fixed rate residential mortgages.
Of course, there are rabid partisans and Biden apologists who, bizarrely, seem eager to absolve the party they support from any blame for the inflation surge.
Apparently, in their view, the multitrillion-dollar spending blowouts of 2021-22 were just fine & dandy!
