Small Banks Hold the Answer
Economists warn of 8% 30-year mortgage rates; Lawrence Yun of National Association of Realtors highlights 7.2% as crucial.
Rising rates impact homebuyer demand; potential economic cooling could ease inflation and mortgage rates.
Current 300 basis points spread between 30-year mortgage and 10-year Treasury only seen during financial crises.
New York Federal Reserve survey expects rates at 8.4% next year, 8.8% in three years.
8% rate could hike monthly mortgage to over $2,300, sidelining many buyers.
All-cash buyers like baby boomers could stabilize property values; job market pivotal for price direction. #MortgageCrisis #USRealEstate #Inflation #BabyBoomer
Credit to : The Money GPS