Mortgage rates near 8% as demand drops to lowest level in almost 3 decades19121
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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| New York Post (4 October 2023) Mortgage rates near 8% as demand drops to lowest level in almost 3 decades Mortgage demand plummeted to a 28-year low as the average long-term mortgage rate climbed further above 7% this week. According to leading real industry group Mortgage Bankers Association, the average rate on the benchmark 30-year home loan climbed to 7.53% this week — the highest rate since 2000. A separate report on Bankrate showed that Thursday’s average on a 30-year fixed mortgage rate was even higher, 7.88%. The same week last year, the rate was 6.75%. Source: New York Post Hi All, How are mortgage rates affecting you? Dan |
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 WGAN FanClub Member Queensland, Australia |
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| Rates in Australia have been put on hold for the last two meetings of Reserve Bank of Australia. Before that they were raising rates every meeting. The last increase was to 4.10% while lenders ask for mortgages anywhere from 5 to almost 7% We have only 20% mortgage from our current property price. Our property price has grown in price almost 80% in the last 7 years. The mortgage payments has grown by 50% in the last 18 months or so. We are selling it now and I am looking to buy somewhere else. Where I am looking it has grown 15% just in the last 4 months while in our area which is almost 3 times more expensive there is a lot of interest but buyers would wait till an auction if it is advertised as being sold through it. And the price in my area is still almost 10% below the maximum price at the end of 2022. It is recovering but much slower than in cheaper areas. |
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