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What happens if mortgage rates go up to 8%?

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Summary
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78% Informative

Mortgage rates are closely interconnected with the bond market.

The last time mortgage rates touched 8% was less than two years ago , on Oct. 19, 2023 .

A Fed rate cut might not help lower mortgage rates.

A shift from home buyers 'chasing 3% ' to focusing on what they can afford now, an expert says.

The highest mortgage rate recorded by Freddie Mac was 18.63% in October 1981 .

The 54-year average for a 30-year fixed mortgage is about 7.75% .

Affordability is determined by the price of the home you want to purchase, the down payment you have saved and the debt you currently carry.

VR Score

82

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82

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75

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informal

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English

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36

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Time-value

short-lived

Source diversity

1

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