8% mortgage rates are perilously close — that'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,” he added. “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.”

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