Mortgage rates spike could upend housing market

6 comments

1. By Giulia Carbonaro – US News Reporter:

   The recent rise of the average long-term U.S. mortgage rate, which poses a new obstacle to aspiring homeowners hoping to purchase a property during this homebuying season, could have dramatic consequences on the country’s housing market.

   The national weekly average for 30-year mortgages, the most popular in the nation, was 6.88 percent as of April 11, according to data from the Federal Home Loan Mortgage Corp., better known as Freddie Mac. That was 0.06 of a percentage point higher than a week before and up 0.61 compared to a year before. The national average for 15-year mortgages was 6.16 percent, up 0.1 of a percentage point compared to the previous week and 0.62 compared to a year before.

   Read more: [https://www.newsweek.com/mortgage-rates-spike-could-upend-housing-market-1890656](https://www.newsweek.com/mortgage-rates-spike-could-upend-housing-market-1890656)

2. It defies logic that prices haven’t collapsed already.

3. Higher interest just means buyers are buying less house. Supply is still less than demand at every level. Until more houses get build in desirable areas it doesn’t really matter because the issue is supply.

4. Press X to doubt

5. Supply. And. Demand.

6. Only thing we can do is build our way out of this mess