The effective interest rate on all mortgage debt outstanding rose to 4.33% in Q2, up 5bps from Q1, up 22bps YoY, highest level since Q3 2011. Every quarter it inches a little bit higher.
Between existing and new home sales we’re still doing almost 5 million transactions/year, so that now makes 20+ million transactions since the 2022 rate hikes…it’s not nothing.
