Mortgage rates in March averaged 6.5% vs. a 5% inflation rate.
That put home loans 1.5 percentage points above the rise in the cost of inflation. That’s the largest premium for home loans since November 2020.
But during the pandemic era, the Federal Reserve used its powers to create historically cheap money as a boost to a coronavirus-chilled economy. Remember the 2.7% mortgages of late 2020? That caused the Fed to morph from facilitator to party pooper, upping numerous interest rates to ice the economy.Consider that in the 612 months of mortgage data tracked by Freddie Mac since 1972, home loans have been cheaper than inflation just 55 times – or 9%. And 22 of those oddities occurred in an unprecedented 22-month-run that ended in January.
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