Default mortgage rates in the US at highest level since 2009 (WSJ). Homebuyers in China boycott mortgage payments (Forbes). Australian homeowners relegated to mortgage hell,
Will we see more of these headlines soon? Homeowners who bought during the pandemic are being hit from all sides as their mortgage payments rise, property values fall and daily expenses soar. And for those whose fixed-rate mortgages are now expiring after 5 or 10 years (see chart), the follow-up financing will be really expensive.
My guess is that we will be dealing with this for a long time to come. With negative effects on the stock and interest rate markets.
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