Skip to content

Mortgage Surge Toward 6% Slams Brakes on Red-Hot Housing Market

Homes sales are slipping as torrid price gains, and now costlier loans, push more US buyers to delay their searches. 

Video player cover image
Housing Price Surge Isn't Sustainable, Waypoint CEO Says

When mortgage broker Jeff Lazerson quoted a 6% rate for a client this week, he thought it was a mistake. The last time 30-year rates were that high was late 2008, when policymakers plunged the world into an era of ultra-low rates to pull economies back from the brink.   

“What a shocker!’” said Lazerson, president of Mortgage Grader Inc. in Laguna Niguel, California. “My sense is we’ll see a very nasty recession.”