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ARTICLE · 18 APRIL 2022

What We're Reading This Week [April 15, 2022]

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US mortgage rates hit 5% this week for the first time in more than a decade, continuing a rapid ascent since the start of 2022.

United StatesFinance and Banking
Kyle J. Tum Suden
Kyle J. Tum Suden
Sean Scott
Sean Scott
Aaron Gavant
Aaron Gavant
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US mortgage rates hit 5% this week for the first time in more than a decade, continuing a rapid ascent since the start of 2022.  According to  The Wall Street Journal, interest on the average 30-year fixed-rate mortgage climbed from 4.72% a week ago to its highest level since early 2011.  Now, bankers and economists predict that the pricier mortgages may finally be cooling a hot housing market, with two of the nation's largest home lenders reporting this week that mortgage originations fell 27% and 37%, respectively, from a year ago.  [WSJ; April 14, 2022].

The CEO of one of the nation's largest banks warns of “powerful forces” threatening to drive the US economy into a recession later this year, as reported by  CNBC.  Although a relatively strong US economy is predicted for the next two quarters, “storm clouds” appear to be brewing in the distance—namely, rising interest rates, the reversal of Fed bond-buying policies, high inflation, the ongoing war in Ukraine,

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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