Mortgage rates at 23 year high.

<p>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.</p><p>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.</p><p>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).</p>

This article was written by Greg Michalowski at www.forexlive.com.