This is a column I published yesterday (4-18-22) in the Wall Street Journal. Unfortunately, it’s behind their paywall. I won't be able to post it here for a month given their copyright arrangement. The gist of the article is that, once you adjust for inflation, short-term mortgage rates are essentially zero and could end up negative if inflation doesn’t decline as the bond market predicts. As for projected long-term real mortgage rates, they too are close to rock bottom. Consequently, home purchase remains very inexpensive despite appearances to the contrary based on nominal mortgage rates. If you have access to the Journal, take a read. If not, consider a subscription. Yes, its regular columnists are quite political. But it may have the best news reporting of any U.S. paper.
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