by John-Wetter-2310
To break it down:
• Since May 2021, the average 30-year mortgage has tripled, going from 2.6% to 7.8% in just over two years. This also marks a 23-year high.
• The 10-Year Note Yield rises to 4.59%, its highest level since October 2007 – remember what else was happening around 2007-2008?
Attached is an overview of the major global interest rates.
Look at the change from the ‘latest value’ to ‘1 year prior’. We’re almost seeing a ~60% increase across the board – not good.
The United States national debt is currently around $33.13 trillion… and what comes with high levels of debt? Interest payments! And what affects the level of your interest payments? Interest rates!
It’s all connected.
It’s estimated the United States is paying nearly $723 million in daily interest.
The effects of interest rates take time to feel, but one thing is for sure – they will be felt at these levels.
This is incredible:
Interest rates were literally at 5,000 year lows over the last decade, according to Bank of America.
Now, we are right around the historical average.
However, rates have been rising near the fastest pace in history.
Many people have not experienced… pic.twitter.com/U3w7LIPtSM
— The Kobeissi Letter (@KobeissiLetter) September 29, 2023