Source: The Real Deal —
Mortgage rates could climb another 1.5 percentage points, according to a leading economist.
National Association of Realtors chief economist Lawrence Yun predicted that interest rates could be on their way to 8.5 percent if they pass a threshold of 7 percent, according to Bloomberg. Yun based his forecast on key levels of resistance borrowing costs will face after a key inflation indicator hit a 40-year high.
After creeping toward 6 percent in recent months, the average rate for a 30-year fixed mortgage this week were just over 6.9 percent — a 20-year high — when Yun presented his findings at the National Association of Real Estate Investors in Atlanta.
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