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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 WreckinRams05
quote:
Meanwhile, realtors are screaming marry the house and date the interest rates the market wont be the same when the rates drop
Anyone that takes financial advice from a high school graduate, at best, who passed a real estate exam deserves all the pain coming to them.
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 8:42 am to WreckinRams05
quote:
Meanwhile, realtors are screaming marry the house and date the interest rates the market wont be the same when the rates drop
I think the traditional model is broken. I believe that when interest rates go down, we will see a lowering of prices.
You couldn’t pry me out of my 2.65 interest rate with a crowbar.
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 8:46 am to mule74
And that is a lot of the issue…
4-5x increases in interest, combined with inflating property costs, mean that there is no benefit to downsizing and moving up will cost you an arm and a leg just in interest.
4-5x increases in interest, combined with inflating property costs, mean that there is no benefit to downsizing and moving up will cost you an arm and a leg just in interest.
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 8:47 am to WreckinRams05
quote:
Meanwhile, realtors are screaming marry the house and date the interest rates the market wont be the same when the rates drop
Well they are right
Posted on 5/16/24 at 8:57 am to WreckinRams05
quote:
Meanwhile, realtors are screaming marry the house and date the interest rates the market wont be the same when the rates drop
I expect rates to drop and house prices to jump when they do.
Posted on 5/16/24 at 8:57 am to Covingtontiger77
Posted on 5/16/24 at 9:07 am to novabill
quote:
expect rates to drop and house prices to jump when they do.
Well, the dudes who control the rates disagree with your astute assessment.
Posted on 5/16/24 at 9:10 am to novabill
quote:
I expect rates to drop and house prices to jump when they do.
If this happens, I don’t see it being before a period where RE prices depress in a lot of areas due to lack of sales.
People who missed the sweet spot of the market aren’t going to get what they expect for a property, which will trend prices down and make future appraisals trend down until the market superheats again.
Posted on 5/16/24 at 9:14 am to novabill
Lets see, a 10% interest rate on a 400 thousand dollar house is 40 grand a year, plus taxes and insurance 12 grand, and pay down just a bit on principle 6 grand, utility 3 grand, plus repairs and maintenance {crapy new appliances} 3 grand , all comes up with a total of 64 thousand dollars a year housing cost, aftertax. About 53 hundred a month. for an average house
Posted on 5/16/24 at 9:16 am to Trevaylin
quote:
plus taxes and insurance
Yeah, speaking of which…
Homeowners insurance is fricking insane these days.
If you can self-insure as of now, doing it is probably your best bet because the savings is worth it if you are already paying a percentage deductible in the case of a named storm.
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 9:21 am to mule74
quote:
I think the traditional model is broken. I believe that when interest rates go down, we will see a lowering of prices.
False, there will be a reverse mortgage crisis and home prices will go up.
The only solution is to either build a shite ton more homes or suppress the market by making rates extremely high.
Posted on 5/16/24 at 9:32 am to BamaCoaster
quote:
the dudes who control the rates disagree with your astute assessment.
Who exactly are the dudes that control the ten year treasury bond?
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