Mortgage rates hit a 23-year high

[Street Hunger]

Mortgage rates surged to a 23-year high this week, landing another blow on the housing market.

The rate on the average 30-year fixed mortgage increased to 7.31% from 7.19% the week prior, according to Freddie Mac. That’s the highest rate since mid-December 2000, when it averaged 7.42%.

- Yahoo Finance

[FultzNationRISE]

Was bound to happen, they wanna slow the demand somehow, you cant just cover the planet in houses forever.

[GimmeThat]

In-N-Out burger is probably behind this

[rawimpact]

I just never understood why people who arent flipping took out variable mortgages a few years ago. I warned them...

[dankok8]

It's ****ed. Luckily I bought a long time ago but I have a buddy who bought a place recently and went from $3000/month to $4000/month.

[bladefd]

I just never understood why people who arent flipping took out variable mortgages a few years ago. I warned them...

Variable mortgages are risky in most situations. Even when things are going well, you never know how things will turn out.

[Bill Gates]

In related news, mortgage delinquency is at a historic low right now.

The people that do own homes are making sure they keep them.