Debt default would increase housing payments by 22 percent: Zillow ...Middle East

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Debt default would increase housing payments by 22 percent: Zillow
source : The Hill ( Middle East ) () 38
Home buying costs could shoot up by double digits if the U.S. defaults on its debt for the first time in history, according to an analysis released on Thursday.   Mortgage rates would soar to 8.4 percent and increase buying costs overall by 22 percent, according to a a worst-case-scenario analysis from the real estate company Zillow. “Home buyers and sellers finally have been adjusting to mortgage rates over 6% this spring, but a debt default could potentially raise borrowing costs even higher and send the market into a deep freeze," said Zillow senior economist Jeff Tucker.   "Home values might not see a notable drop, but higher mortgage rates would severely impair affordability

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