8% mortgage rates are perilously close — and it's a psychological milestone for the housing market

Storm clouds loom over the U.S. housing market as mortgage rates are inching towards 8%, potentially drying up home-buying demand further.

“We haven’t seen an 8% mortgage rate in over 20 years,” deRitis added, which “likely has a psychological effect as well.” The last time the spread was this high was during the global financial crisis in December of 2008 — “and then only briefly,” deRitis said. “Momentum could continue to drive rates upward in the near term,” deRitis said. “Employment data from the [Bureau of Labor Statistics] due out on Friday could be the catalyst for either continued increases or a reversal as bond traders second-guess Fed interest rate policy.”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

8% mortgage rates are perilously close — that's a psychological milestone for the housing market‘We haven’t seen an 8% mortgage rate in over 20 years,’ says Cris deRitis, deputy chief economist at Moody’s Analytics.
Source: MarketWatch - 🏆 3. / 97 Read more »

How This Company Boosted Its Productivity With Supply Chain InnovationExplore how Anheuser-Busch doubled its productivity with supply chain innovation and analytics-driven decision models.
Source: Gartner_inc - 🏆 455. / 53 Read more »

Chainalysis axes another 15% of staff citing difficult market conditionsBlockchain analytics firm Chainalysis has announced a 15% workforce cut citing market conditions.
Source: Cointelegraph - 🏆 562. / 51 Read more »