2 Question Tuesday – 08/22/2023 – What Does Highest Mortgage Rate In 20 Years Mean For The Economy and Stocks Are Down 5% Will We Test Last Year's Low?
Welcome to 2 Question Tuesday. This week’s client submitted questions were:
- What does highest mortgage rate in 20 years mean for the economy?
- Stocks are down 5% will we test last year’s low?
Phil, Mike, and Larry discuss the implications to the economy as U.S. mortgage rates hit the highest level in 20 years, which combined with a housing inventory shortage has pushed housing affordability to its worst point since 1984. They then talk about how the stock market has fallen 5% since the end of July, if this drop will hit the low last seen in October, and how long will the recovery take?
Submit your questions to question@2questiontuesday.com
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