Mortgage rates at 23 year high.

The 30 year mortgage rate hit a 23 year high at 7.84%. That is up from around 7.1% at the beginning of September.

Versus 2 years ago, the monthly mortgage payment on a $400,000 home with 20% down is up $965. That doesn’t include that prices are up 17% over the last 2 years and over 40% since the start of the pandemic.

The good news for homeowners is that prices remain elevated. The bad news is that most people have refinanced their houses at lower rates. If they find a buyer, they have to move somewhere and mortgage at a much higher rate (if not paying cash).