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Housing | According to Bankrate.com‘s data, US 30-Year fixed-rate mortgage reached 7.78%, the highest rate since August 2000
*This situation is expected to have a significant effect on closed sales from September to November. Source: C.Barraud
Why German industrial model is at risk in one chart...
Without reliable access to affordable power, Germany fears energy-intensive companies will invest elsewhere, and “we will lose this industrial base,” vice-chancellor Robert Habeck said. Source: Eurostat, Gustavo Philippsen Fuhr
Have you ever heard about mortgages in negative amortization?
As highlighted by The Kobeissi Letter, three of Canada's largest banks are seeing ~20% of their outstanding mortgages in negative amortization. What does this mean? Monthly payments on ~20% of mortgages at BMO, TD, and CIBC are no longer enough to cover interest expense. This means you end up owing more than your original loan amount over time. Typically, variable rate mortgages with fixed payments experience this in a rapidly rising interest rate environment. These homeowners may begin to foreclose over the next few months. This is an important trend worth watching.
Over 60% of outstanding US mortgages have an interest rate below 4%. Current average 30y mortgage rate is north of 7.5%...
This is the 1 factor driving the limited housing supply as many of these homeowners can't afford to move... Source: Charlie Bilello, National Mortgage Database
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