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NY FED survey: Americans expect mortgage rates to rise to nearly 10% in the next three yrs
Posted on 5/16/24 at 8:34 am
Posted on 5/16/24 at 8:34 am
quote:
The New York Fed survey, released Monday, is focused on housing and is part of the broader Survey of Consumer Expectations. It collected data on consumers’ experiences, behaviors, and expectations related to housing. The housing portion of the survey has been fielded annually since 2014. The survey was fielded in February 2024.
quote:
U.S. consumers expect mortgage rates to approach double digits over the next three years, according to a new survey by the New York Federal Reserve.
Households have a gloomy view of mortgage rates. Consumers on average said that over the next year, they expect the 30-year mortgage rate to rise to 8.7%, and in three years, to 9.7%, “both of which are series highs,” the NY Fed said.
Yahoo finance
This post was edited on 5/16/24 at 8:35 am
13
Posted on 5/16/24 at 8:35 am to Covingtontiger77
Want to see home sales stagnate? Have this happen.
Unforced sales (choosing to move) will be dead and most sales actually happening will be due to relocation for work, getting foreclosed on, or ending up with property from dead relatives.
Unforced sales (choosing to move) will be dead and most sales actually happening will be due to relocation for work, getting foreclosed on, or ending up with property from dead relatives.
Posted on 5/16/24 at 8:38 am to Covingtontiger77
Probably because they will. The fed will raise rates before they cut them again.
Posted on 5/16/24 at 8:39 am to Covingtontiger77
Meanwhile, realtors are screaming marry the house and date the interest rates the market wont be the same when the rates drop 
Posted on 5/16/24 at 8:41 am to Covingtontiger77
The FedGov will offer lower cost loans to certain demographics in the name of "diversifying" previously affluent areas.
Posted on 5/16/24 at 8:45 am to Covingtontiger77
quote:
mortgage rates to rise to nearly 10% in the next three yrs
this is crazy Posted on 5/16/24 at 8:47 am to Covingtontiger77
“You will own nothing and be happy”
Whether this is coincidental timing or a conspiracy, corporations buying homes and creating a permanent class of renters will be the final nail in the coffin of the American dream.
Whether this is coincidental timing or a conspiracy, corporations buying homes and creating a permanent class of renters will be the final nail in the coffin of the American dream.
Posted on 5/16/24 at 8:57 am to Covingtontiger77
Posted on 5/16/24 at 9:17 am to Covingtontiger77
Rates should have gone to 10% immediately when inflation hit. This tick for tack, thread the needle, soft landing stuff is BS.
You have to make it hurt to fix the problem.
You have to make it hurt to fix the problem.
Posted on 5/16/24 at 12:07 pm to Covingtontiger77
People are stuck in a house they won't sell with houses no one can buy. What could go wrong?
Posted on 5/16/24 at 12:53 pm to Covingtontiger77
Great!
Home prices are inflated. My home should not be worth double of what I paid to build 5 years ago, but it is.
Home prices are inflated. My home should not be worth double of what I paid to build 5 years ago, but it is.
Posted on 5/16/24 at 1:17 pm to Covingtontiger77
The Fed will bring the rate down the minute unemployment reaches 5%. the unemployment numbers have been cooked and revised. The amount of pressure the current administration and if Trump is elected the amount of pressure he will put on the Fed will cause them to lower rates. The current rate Today is 7% on conventional lending, the rate doesn't have to drop drastically to help the market. If they get the rate to 6% the housing market will take off. I get phone calls every month from previous customers inquiring about the current rate. It's not to refinance they want to buy a new house. 17yrs as a loan officer and I know this to be true, 60% of homeowners treat homes like a car, they want a new one ever 5-7yrs.
Posted on 5/17/24 at 7:35 am to Covingtontiger77
Reverse mortgage companies say, "Hallelujah"!!
Posted on 5/17/24 at 8:36 am to Covingtontiger77
If they want to see an economic resurgence, allow 401k money to be withdrawn w/o being taxed and used for investments.
Example: if my son or daughter wanted to purchase a home, I could loan either of them the entire sum and charge interest a few points below market with no points. I would get a reasonable return, the home would be purchased and when rates drop they could refinance and return the principal to me.
Example: if my son or daughter wanted to purchase a home, I could loan either of them the entire sum and charge interest a few points below market with no points. I would get a reasonable return, the home would be purchased and when rates drop they could refinance and return the principal to me.
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