Peter Schiff warned in an October 15 post on X that mortgage lenders will lose far more than during the global financial crisis, blaming the Federal Reserve's prolonged low rates and government-backed mortgages. By his estimate, about $8.3 trillion of outstanding fixed-rate mortgages carry an average rate of 4.6%, creating mark-to-market losses of about $2 trillion at current rates of 7.5%, rising to $3 trillion if rates reach 8.5%. The article notes these are Schiff's estimates, and that a paper loss on a performing loan differs from a borrower default, since borrowers can keep paying while the loan's resale value falls when new mortgage rates are much higher. Freddie Mac's average 30-year fixed rate was 7.40% in its October 15 survey, up from 6.27% a year earlier.
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Related tickers and likely impact
PAXG/USDT
▲ Likely positivePAX Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/16/2026 | 4,162.70 |
| Change that session | +0.11% |
XAUT/USDT
▲ Likely positiveTether Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.4B |
| Close on 10/16/2026 | 4,159.65 |
| Change that session | +0.15% |
XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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