Mortgage rates could hit 8%, economists say

With mortgage rates firmly situated above 7%, the cost of homeownership has notably escalated. The question lingers: Could rates ascend even further?

According to insights shared with MarketWatch by three specialists, should the economy continue to exhibit indications of vigor and the U.S. Federal Reserve execute another increase in its benchmark interest rate, the rates might surge to 8%.

The impact of elevated rates has already made its mark on the U.S. housing market, MarketWatch has reported.

Even those in the business of constructing homes, who recently enjoyed robust demand from prospective buyers, are observing a decline in buyer footfall as these escalating rates unsettle their clientele.

READ MORE: https://www.marketwatch.com/story/mortgage-rates-could-hit-8-economists-say-citing-a-worrying-sign-not-seen-since-the-great-recession-edf2b4a4

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