Loan officer: I’m seeing middle class homebuyers take on $7,000 mortgages thinking they can ‘always refinance when rates come down in the future’

In December 2021, when the 30-year fixed mortgage rate still averaged 3.1%, a borrower could get $700,000 mortgage that required monthly payments of principal and interest of just $2,989. Fast-forward to Wednesday, and a $700,000 mortgage taken out at the current average mortgage rate of 6.90%…

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