This is a YouTube video titled "🚨 The Past Week in Mortgage Rates 🚨" containing a commentary by Michael Mauboussin discussing recent increases in mortgage interest rates and their impact on monthly payments and housing affordability, recorded on January 11, 2022.
Using an average of all lenders across the country's best offer on a 30 year fixed conventional loan. Crime scenario, you can see that interest rates in just the last week went up about a half percent for a $300,000 loan. That would be the equivalent of an $80 increase in monthly payment, which would be the equivalent of a $20,000 increase if you had the same interest rate. So we know house values haven't went up necessarily 20 grand in just the last week, but that's the equivalent of what interest rates just did. So for those that are planning on waiting, not only are house prices continue and stage to get a huge increase this year, but interest rate increases have engaged, making things way, way more expensive for.
