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re: US homeowners hit the jackpot. Median homes up 53% from Jan 2020 to Aug 2023
Posted on 10/1/23 at 8:27 am to SDVTiger
Posted on 10/1/23 at 8:27 am to SDVTiger
quote:
Rates will be high for 30yrs? How high?
no one can answer that. the point is we're not returning to 2-3% like so many people believe. that belief has buoyed home prices for now, but when reality sets in and the market continues to lose hope of lower rates, prices will correct.
the 10 yr yield is on the way to 5% soon. next few years, 10 yr yield could be 7% and 30 yr fixed mortgage rates at 10%. that is the recipe for median home prices correcting and it's already in process.
but go ahead and continue to shrug it off. you're not alone.
2
Posted on 10/1/23 at 8:30 am to JimMorrison
quote:
2-3% like so many people believe
Anyone who believes that is an idiot
quote:
the 10 yr yield is on the way to 5% soon. next few years, 10 yr yield could be 7% and 30 yr fixed mortgage rates at 10%. that is the recipe for median home prices correcting and it's already in process.
And for how long will it stay at 10%
Anyone who thinks that would be a long time is also an idiot
Maybe you need to look at the 30yr Mortgage History chart
quote:
that is the recipe for median home prices correcting and it's already in process.
Apprecation is on pace for another 7% increase this year
This post was edited on 10/1/23 at 8:32 am
Posted on 10/1/23 at 8:30 am to JimMorrison
Mortgage rates are going to settle around 5-6% after a few years and we already know the market can handle that.
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