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Question of the Day: How will 5.78% 30-year fixed mortgage rate affect you?16983

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WGAN Question of the Day (All)


Source: Freddie Mac | Thursday, 16 June 2022

Question of the Day: How will 5.78% 30-year fixed mortgage rate affect you?

Hi All,

The WGAN Forum Question of the Day for Tuesday, 16 June 2022:

How will 5.78% 30-year fixed mortgage rate affect you?

Best,

Dan

P.S. ...

The Wall Street Journal (16 June 2022) Mortgage Rates Hit 5.78%, Highest Level Since 2008 | The surge stands to add to the pressure on U.S. house prices

The average rate on a 30-year, fixed-rate mortgage rose to 5.78%, mortgage-finance giant Freddie Mac said Thursday, the highest level since November 2008 and well above the 3.11% recorded near the start of the year. Last week, Freddie Mac reported an average mortgage rate of 5.23%.

Source: The Wall Street Journal | 16 June 2022
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I'm locked into a 5% rate for a while now, compared to the interest rates in the seventies and eighties money looks cheap.

However when you look at what Europeans pay for mortgage interest, it ranges between 0.61% to 2.75% . And with typically much lower property taxes from the local governments. Now you know how every European goes on vacation for a month.
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