Mortgage rates and gas prices push consumer ‘pain points’ to highest in over 20 years
The combined costs of a new 30-year fixed rate mortgage and a gallon of gasoline recently surged to the highest in more than two decades, according to Bespoke Investment Group.
That has two of the biggest “pain points” for U.S. consumers touching the highest level in more than 20 years. To be sure, measures of consumer costs depend on the averages being tracked. While rates on 30-year mortgages frequently have been above 7% in 2023, Freddie Mac FMCC pegged the weekly average rate as slightly less at 6.9% on August 3. The 30-year mortgage rate is more closely tethered to long term Treasury yields, BX:TMUBMUSD10Y which have been volatile in August.
Prices at the gas pump were pegged at $3.829 a gallon on average nationally on Monday, according to AAA.
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