Bubble watch: Mortgage rates are soaring despite promises of mild uptick

Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead.

Buzz: Despite promises of a smooth increase in home financing costs from the Federal Reserve — a prediction reinforced by so-called industry “experts” — we’ve just witnessed one of the largest hits to a house shopper’s buying power in history.

Source: My trusty spreadsheet’s analyzed Freddie Mac’s weekly report on average 30-year mortgage rates with a history going back a half-century. That history includes the insane double-digit rates of the early 1980s.

The Trend

Remember how cheap mortgage rates boosted home “affordability” in the pandemic era?

Last week, that all-but ended. The average mortgage rate rose

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