7 Percent Mortgages Are Back 9/22/26
Summary
CNBC’s Your Money Minute reports that mortgage rates have surged back above 7% following geopolitical tensions, impacting the housing market and broader economy. Host Jessica Ettinger discusses how this psychological threshold affects homebuyers, noting that while historical averages are higher, current affordability is strained by low-rate legacy mortgages. The segment also highlights a growing trend of borrowers choosing riskier adjustable-rate mortgages to secure lower initial payments amid rising home prices.
Topics discussed
Mortgage rates exceed 7% following Iran conflict
Historical context of US mortgage rates
Comparison to 1970s and 1980s high rates
Housing market trends and rise in ARM loans
Resources for housing news and newsletters
Sponsor: Schwab Market Update podcast
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