Housing market affordability index drops 10% below 2006 lows, making it the least affordable in US history.

This week, mortgage rates in the US hit their highest since 2001.

We are well above the 2008 highs and rising.

After the Fed minutes were released today, rate expectations increased.

Bumpy road for homebuyers.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) August 16, 2023

Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the ‘Great Recession’

When the housing inventory for sale starts to flood the market from the rocketing rental vacancies, that inventory is going to find that only 5% of the population willing/able to buy a median priced house.

That should be interesting.

— Darth Powell (@VladTheInflator) August 16, 2023

OUCH! 30y US Treasury yield rises to 4.42%, highest since 2011. pic.twitter.com/x0JLjhMHJE

— Holger Zschaepitz (@Schuldensuehner) August 17, 2023

Real yields on US 10-year Treasuries are careening toward 2%, the highest since March 2009. pic.twitter.com/cnLsKv1dLF

— Lisa Abramowicz (@lisaabramowicz1) August 17, 2023

and down we go back to reality pic.twitter.com/bNBA5HuWKp

— Darth Powell (@VladTheInflator) August 16, 2023