Peter Schiff warns mortgage lenders could lose far more in the developing mortgage crisis than they did in the entire global financial crisis, because of low-rate loans locked in years ago. By his estimates, about $8.3 trillion in fixed-rate mortgages carry mark-to-market losses of roughly $2 trillion at current 7.5% rates, which could rise to $3 trillion if rates reach 8.5%, a scenario the article notes is not today's reality. The article stresses these are paper losses from falling loan values rather than defaults, since borrowers can keep paying on time. The latest Freddie Mac survey put the average 30-year fixed mortgage rate at 7.40%, up from 6.27% a year earlier.
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| Market | Gold |
|---|---|
| Close on 10/16/2026 | 4,165.63 |
| Change that session | -0.13% |
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