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Mortgage Rates Could Rise to 8.4% if U.S. Defaults on Debt

The higher rates “could send the market into a deep freeze.”

By Philippa Maister | May 15, 2023 at 08:21 AM

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If you thought the arguments in Washington about raising the U.S. debt ceiling would not have an impact on personal finances, you may need to think again if you are a homeowner or would-be homeowner.

An analysis by Zillow projects that if the U.S. winds up defaulting on its debt, mortgage rates could rise to 8.4%, “sending the mortgage payment on a typical home 22% higher by September….That would be on top of an 82% rise over the past two years.”

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