10/27/2022
Mortgage rates reach their highest level in 20 years!
For the week ending Oct. 27, the average 30-year fixed mortgage rate shot up to 7.08%. According to Freddie Mac, this is the first time that this rate has broken the 7% threshold in 20 years, since April 2002.
Crunch the numbers on how this affects housing affordability, and the picture turns even more frightening.
“Combined with rising home prices, higher mortgage rates have significantly increased the cost of a monthly mortgage payment, up more than 70% from one year ago, sapping the purchasing power of shoppers.”
In September, home prices hovered at a national median of $427,250—and for the week ending Oct. 22, prices continued to rise by 13% compared with the same week last year. That’s a slight drop from the previous week’s rise of 13.2%, but it’s also the 43rd week straight of double-digit expansion.
A Simple Mortgage Protection Plan will safely guard your home. Doesn't matter if you're a new homeowner or you've had your home for 20 years, this coverage will protect your family/home.
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