Mortgage rates hit two-decade high

Mortgage rates have climbed to their highest levels in two decades. The average 30-year fixed-rate mortgage now tops 7%. "CBS News Mornings" spoke with Javier David, managing editor of business and markets at Axios, about what this means for the housing market.

#news #housingmarket #mortgage

[helbertasprilla]

Please get rid of her she doesn’t let people talk.

[taylordooley]

It now takes twice the payment to buy a home. Oh please, please CBS News, keep making more videos weekly of the “big surprise “ of home values dropping for the next year to enlighten the clueless.

[richieflexz]

Buyers can get credit on closing costs and use that money to buy down their rate🤝

[HitsTownUSA]

“Mortgage rates so unreasonably high” he says? In the 90’s that was a reasonable rate. People need to understand that the days of cheap borrowed money is over. If 7% is enough to put the housing market in the dumps then this economy has been smoke and mirrors for far to long.

[paulblichmann]

50 year mortgages coming. Basically you are renting...plus paying down payment...plus updates and repairs...plus property tax...and plus extortion fees for every buy/sell.

[mathisnotforthefaintofheart]

So prices are coming down to "normal" level?

[joeanderson]

I know how to bring down house prices. Cause a surge in the supply.

[frankcoffey]

Holy crap! I never thought I'd see that. Sure glad I bought my house is 2018.

[annawhite]

The house I bought 4 years ago for 300, 000 mortgage and mortgage 1800 is worth over 550, 000 now and mortgage over 3, 000 a month. I have renters in it and I highly doubt they could afford buy it.

[jrgaskin]

welcome to my world. i used to pay ten percent before i filed for bankruptcy.

[jrgaskin]

i've been paying for my home for twenty years and i am still underwater and have no equity because they only want to cheat you out of your earnings.

[joewj]

Inflation = too much money chasing too few goods.

[paulblichmann]

Big companies should just supply nice apartments, or at least townhouses. The military does it! And with zero commute there would be less traffic as well.

[gvue]

I dont fell bad for any of the real estate agents

[outsidewithquad]

Wtf is asset test?
“2023 is going to be more or less the asset or acid test”?

[buckbiro]

It's too late to say inflation needs to cool. The appropriate language is, we should have cooled inflation. Home prices are far too high in comparison to incomes and we need to reset. Mortgages aren't coming down, so home prices need to. Queue recession. Glad the gentlemen admitted prices were frothy.

[biggooseadventures]

Congress could raise taxes which help inflation but they keep printing money.

[paulblichmann]

I have double the income of when I got my first job and bought my home. What can I buy now...the equivalent OR LESS. Redonkulous!

[Eduardo-crri]

Cash buyers going to scoop up the cheapies and profit later in the decade

[popcycleism]

$50k education bailout for all can create much better housing opportunities for many while decreasing homelessness.
🤷 gotta start somewhere 🤡