Americans think Mortgage Rates will Hit 10%. They’re currently at 7.75%. In 2020 rates were 3%. Let’s look at payments for various combinations at various prices:
________________________________ __3% Rate__8% Rate__10% Rate
2020 Median House Price $320,000*_____$1,079____$1,878___$2,247
2024 Median House Price $420,000*_____$1,417____$2,465___$2,949
* Assumes 20% down / Excludes Insurance, other costs
Basically housing costs have increased 2.5-3.0x under Biden.
N.Y. Fed survey finds Americans bracing for mortgage rates as high as 10% https://t.co/bYZcOUcwfq
— MarketWatch (@MarketWatch) May 6, 2024
h/t Tonight We Ride!