THIS IS ABSOLUTELY INSANE…
U.S. 30-year mortgage rates have already climbed from 7.17% to 7.22%, according to Mortgage News Daily.
A $400,000 loan at 7.22% costs about $2,721 a month over 30 years, before taxes and insurance.
At 3%, that same loan would cost roughly $1,686.
That’s an extra $12,400 a year to borrow exactly THE SAME AMOUNT.
You can see why someone with a 3% mortgage would think twice about moving…