Mortgage rates soar to their highest level in 21 years - eviltoast
Mortgage rates soar to their highest level in 21 years | CNN Business
www.cnn.com
US mortgage rates surged this week, rising to their highest level in 21 years.

The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before. Rates have been above 6.5% since the end of May and climbing higher since mid-July. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%.

  • deconstruct@lemmy.worldOPEnglish
    41·
    1 year ago

    Below 4% is a huge win. I bought my house in 2007 at 6.5%. Refinanced after the financial meltdown at 5% then again in 2012 at 3.25%.

    It’s been an absolute gift to build equity with such a low rate, but I’m also lucky that I didn’t have to move.

    • sugar_in_your_tea@sh.itjust.worksEnglish
      2·
      1 year ago

      My wife wants to build a house, and I told her we’ll think about it once rates come down a bit, otherwise we’ll just build with cash later in life.