- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 8/23/23 at 1:09 pm to JohnnyKilroy
quote:
I still want to know how higher interest rates directly translate to “people being fricked”
It was a common refrain around here early last year when rates were beginning to rise that “all these people who bought in the last couple of year” were going to be fricked when interest rates rose. No explanation was ever given as to why but posters banged that drum for a while.
Was the common theme or banging of the drum you mention just based 100% on anyone buying a home at a locked in low fixed mortgage rate at the time absolutely becoming fricked when mortgage rates went up with zero additional variables involved or included in the banging of that drum?
This post was edited on 8/23/23 at 1:13 pm
Posted on 8/23/23 at 1:31 pm to dallastigers
quote:
Was the common theme or banging of the drum you mention just based 100% on anyone buying a home at a locked in low fixed mortgage rate at the time absolutely becoming fricked when mortgage rates went up with zero additional variables involved or included in the banging of that drum?
No additional variables mentioned. There was a lot of “those people are gonna learn a hard lesson” and similar sentiments. No word on what that lesson would be though.
Posted on 8/23/23 at 1:39 pm to JohnnyKilroy
quote:
There was a lot of “those people are gonna learn a hard lesson”
Well, I call someone having to look at houses that cost 20-30% less to afford the payment a hard lesson.
quote:
resilient economy
Posted on 8/23/23 at 1:46 pm to LemmyLives
quote:
Well, I call someone having to look at houses that cost 20-30% less to afford the payment a hard lesson.
What does that have to do with people who bought or refinanced in 2020 or 2021?
Posted on 8/23/23 at 1:51 pm to JohnnyKilroy
quote:
What does that have to do with people who bought or refinanced in 2020 or 2021?
I have to imagine it just depends on how many people bought too big of a house with little down and is now way underwater. That equity delta could hurt some people unless this is their forever home.
Posted on 8/23/23 at 1:54 pm to 632627
anybody who did that deserves it
Posted on 8/23/23 at 1:56 pm to stout
Imagine that...
Posted on 8/23/23 at 2:03 pm to Areddishfish
quote:I think what you really mean is "people still buying houses at higher prices than YOU are willing to pay".
People still listing houses way too high
Posted on 8/23/23 at 2:06 pm to Big Scrub TX
quote:
I think what you really mean is "people still buying houses at higher prices than YOU are willing to pay".
quote:
Mortgage demand from homebuyers drops to a 28-year low
Sounds like more than just him.
Posted on 8/23/23 at 2:09 pm to SlowFlowPro
Big Scrub always has the worst takes
Posted on 8/23/23 at 2:21 pm to stout
And it's gonna get alot worse. If you like that just keep voting democrat.
Posted on 8/23/23 at 2:22 pm to SlowFlowPro
quote:
I have to imagine it just depends on how many people bought too big of a house with little down and is now way underwater. That equity delta could hurt some people unless this is their forever home.
There isn’t a significant population underwater after buying a home in 2020. They would be the exception. Even so, that 2.5% interest sure is sweet.
Posted on 8/23/23 at 2:31 pm to SlowFlowPro
quote:Get back to me when we actually have the crash that the OP so desperately hopes for.
Sounds like more than just him.
Posted on 8/23/23 at 2:35 pm to H newman
quote:
And it's gonna get alot worse. If you like that just keep voting democrat.
Of course. But i look for the feds to manipulate the market here soon, to try to drive those rates back down and stimulate the economy before the next election.
Posted on 8/23/23 at 2:48 pm to Bard
quote:
The high listing prices are likely to be the last things which will adjust as sellers (especially those who paid far too much) are reluctant to take less than they were expecting based on the last decade-ish of increases in value.
I somewhat blame Zillow on this. I know lots of people who've talked about their homes value over the years, by which they mean the estimate listed on Zillow. You then get it into your head that your house is "worth" a certain amount, which always somehow means the highest estimate you've ever seen for it. It is very hard, psychologically, to put it on the market and admit that it's not worth quite that much.
Posted on 8/23/23 at 3:04 pm to stout
Ready for housing market to crash and burn again
Posted on 8/23/23 at 3:10 pm to JohnnyKilroy
quote:
people who bought or refinanced in 2020 or 2021?
We refinanced in 2021 and were paying $1400 a month for a 15 year
We had to move. It wasn't just a why not move. We will essentially have to look at starter homes when we should be looking at a last purchase type home. Except the starter homes like what we moved from will cost almost double.
Posted on 8/23/23 at 3:14 pm to Artificial Intel
quote:
There isn’t a significant population underwater after buying a home in 2020.
*Yet
Posted on 8/23/23 at 3:18 pm to Quatrepot
quote:
I love high interest rates. CD’s finally making a difference again.
What rate are you getting? All I’m seeing is 5%. I’m currently getting 4.2% in my saving account without having to lock my money up.
This post was edited on 8/23/23 at 3:22 pm
Page 3 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News