Given the upsurge in mortgage debt, especially over recent years with historically low interest rates, even small rate rises becomes a death of a dozen cuts.
So mortgage rates of around 7% will have as much pain as 17% did decades ago. Highly leveraged borrowers are starting to panic already and investors will look to dump properties to try to lock in a profit and avoid the selling stampede to come. Interesting year ahead..
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Given the upsurge in mortgage debt, especially over recent years...
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