Investors are reportedly concerned about mortgage defaults and are unloading Fannie Mae and Freddie Mac securities, amid record-high interest rates and a rapidly cooling housing market.
Mortgage rates last week hit a two-decade high of 6.92%, a trend that has slowed the booming, often over-priced real estate market during the height of the pandemic.
The increasing rate for a 30-year fixed-mortgage comes as the Federal Reserve increases interest rates in an attempt to cool inflation that also risks moving the country into a recession, The Wall Street Journal reported Wednesday.The mortgage-backed securities are bonds secured by real estate loans, which are […]
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