On Friday's broadcast of 'CNN This Morning,' co-host Phil Mattingly and CNN International host Julia Chatterley discussed the surge in mortgage rates and | Clips
On Friday’s broadcast of “CNN This Morning,” co-host Phil Mattingly and CNN International host Julia Chatterley discussed the surge in mortgage rates and said that the skyrocketing mortgage rates have contributed to “the worst affordability crisis in housing that we’ve seen for four decades” that won’t “really change until the Federal Reserve starts to bring rates down, these things ease, people start to sell their homes, and that’s going to take some time” and that comes as rent prices remain...
Mattingly stated, “[M]ortgage rates in the United States have soared to their highest level in more than 20 years. Now, according to thefrom Freddie Mac, the 30-year fixed rate mortgage averaged above 7% over the week ending yesterday. A year ago, just over 5%.” Chatterley added that “I think the other thing to remember, first and foremost, about this interest rate, it assumes a 20% down payment. It assumes you have an excellent credit score…so, if you don’t have those two things, actually you’re probably being offered –.”Chatterley responded, “Yes. So, that’s the first thing to remember. But this is just one component of actually what has combined to be the worst affordability crisis in housing that we’ve seen for four decades.
She continued, “Now, it’s great — let’s be clear — if you’re a homeowner. But if the big American Dream is to own your home, perhaps leave that money to your kids one day, that’s getting further and further away, and it doesn’t really change until the Federal Reserve starts to bring rates down, these things ease, people start to sell their homes, and that’s going to take some time.”
Mattingly then pointed out, “It’s also coming as rent prices remain very high, one of the stickiest parts of the inflation issue as well.”
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