Yikes

There it is.

For the first time in 23 years, 8% mortgage rates are officially back.

Less than 3 years ago, the average rate on a 30-year mortgage was just 2.6%.

The median monthly payment for homebuyers will cross $3,000 this month.

We are paying the price for "free" money… pic.twitter.com/A3XWtHZqdh

— The Kobeissi Letter (@KobeissiLetter) October 18, 2023