The 2022 stock sell-off intensified yesterday with the S&P 500 tumbling to a fresh low for the year and is now in bear market territory as recession fears grow ahead of a key Federal Reserve meeting later this week. The S&P 500 fell 3.9% to its lowest level since March 2021, bringing its losses from its January record to more than 21%.
Bitcoin tumbled below $24,000 and hit its lowest level since 2020 as risk-averse investors continued to dump crypto as rates rise. The news sent shared of crypto-related companies including Coinbase and Microstrategy down 13% and 29%, respectively. Amid a broader sell-off in all cryptocurrencies that erased more than $200 billion from the entire crypto market in a single day.
Mortgage rates have risen to levels not seen since 2008. The average rate on a 30-year fixed rate mortgage hit 6.13%, according to mortgage news daily. We started the year at 3.25%, that means the average payment on a $400,000 house went from $1,400/month at the beginning of the year to $1,945/month now.