via Fox Business
U.S. home prices could tumble as much as 20% as the highest mortgage rates in two decades threaten to trigger a “deep global housing slide,” according to research from the Federal Reserve Bank of Dallas.
The global housing market has become increasingly “frothy” since 2020 as a result of the pandemic boom, the Dallas Fed economists wrote in the analysis published this week. Although house-price growth has recently begun to moderate, there are still risks of a more severe decline.
The economists — Lauren Black and Enrique Martínez-García — pointed to signs of trouble detected in the U.S. and German housing markets that threaten to “pose a vulnerability to the global outlook because of the size of those nations’ economies and significant cross-border financial spillovers.”
Mortgage Rates Jump Back Over 7%
The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily.Growing fears that inflation is not cooling off are pushing bond yields higher. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury.“Rates continue to move at the suggestion of economic data, and the data hasn’t been friendly. This is scary considering this week’s data is insignificant compared to several upcoming reports,” said Matthew Graham, chief operating officer at Mortgage News Daily.Rates went over 7% last October.
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