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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.

Mortgage rates are up to the highest level in 23 years

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.

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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).

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