Mortgage rates march upward at a faster pace. The 30 Year Fixed Rate Mortgage was 7.49% and the 15 Year Fixed Rate Mortgage was 6.78% in Freddie Mac’s Weekly Survey released today. See current survey below with its most recent assessment of the mortgage rate landscape.
It’s difficult to say when the upward mortgage rate trajectory will stop as the Federal government continues to crowd-out all other borrowers as it needs trillions of dollars in new borrowings this year and next just to keep afloat. And that need isn’t going anywhere until government spending is cut and rates go down. There is also much less money available for bond investing now as long term bond portfolios suffer their worst losses in generations and money supply shrinks. It’s just cold hard math at this point. We anticipate the pace of rate increases to get slower in the near term, but it could be the start of a very vicious cycle that the Fed can’t control.
(dynamic charts with current data)
