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30-year Mortgage Hits 8% Thumbnail

30-year Mortgage Hits 8%

The 30-year mortgage has hit 8% for the first time since 2000. Rising mortgage rates, along with increased interest on auto loans and credit card debt, shift money that consumers might otherwise spend on discretionary items to debt service. Over time, these higher interest rates are likely to slow economic activity. The big question is, will the economy merely slow down, or could we be heading toward a recession?