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   From: joe.the.zero@nytimes.com   
      
   pothead  wrote in   
   news:t2g3p9$3jkim$76@news.freedyn.de:   
      
   > So much for Biden's economic growth claims.   
      
   Mortgage rates climbed higher above 7% this week, marking a 22-year high   
   and shattering the American Dream for many.   
      
   The average 30-year mortgage rate jumped to 7.23% this week, up from last   
   week's 7.09%, according to Freddie Mac on Thursday. That is the highest   
   rate point since June 2001 when rates were at 7.24%.   
      
   Today's rate environment is bruising first-time homebuyers who are facing   
   many other struggles, including high prices and minimal inventory. The   
   resulting unaffordability is also increasing the wealth gap between those   
   who own and those who remain stuck on the sidelines.   
      
   Read more: What the Fed rate hike means for mortgage rates and loans   
      
   "It's going to create a huge social divide," Lawrence Yun, chief economist   
   with the National Association of Realtors, told Yahoo Finance Live (video   
   above) about mortgage rates. "Homeowners are smiling big, while the   
   renters feel like their dream is out of reach, frustrated that other   
   people are getting the housing wealth while they are left out paying   
   higher rents each month.”   
      
      
   ‘Shut out of the market’   
   Many buyers have thrown in the towel.   
      
   The volume of mortgage applications for a home purchase was the smallest   
   in 28 years last week, according to an index from the Mortgage Bankers   
   Association released Wednesday. The seasonally adjusted index dropped by   
   5% for the week ending Aug. 18 from the previous week, and was 30% percent   
   lower than a year ago on an unadjusted basis.   
      
   "As rates have surged past 7% and homebuying costs have risen yet again,   
   home purchase mortgage applications have eased, suggesting that at least   
   some potential buyers have been shut out of the market," Danielle Hale,   
   Realtor.com’s chief economist, said.   
      
   https://finance.yahoo.com/news/mortgage-rates-surge-to-22-year-high-   
   160008290.html   
      
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