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Started By
Message
The average 30-year fixed mortgage rate jumps to 7.50%
Posted on 4/16/24 at 1:43 pm
Posted on 4/16/24 at 1:43 pm
New high for 2024
17
Posted on 4/16/24 at 1:44 pm to stout
I am never gonna refinance am i?
Posted on 4/16/24 at 1:45 pm to stout
It's going higher. Think Carter and Reagan eras ...
Feel for the cats born into this shitshow... but the genx /gen z/ miillineals who continue to vote for these policies ... not so much
Feel for the cats born into this shitshow... but the genx /gen z/ miillineals who continue to vote for these policies ... not so much
Posted on 4/16/24 at 1:46 pm to stout
And housing prices are still absurd.
Posted on 4/16/24 at 1:48 pm to GoCrazyAuburn
quote:
And housing prices are still absurd.
People need to quit buying at those prices. Of course they should also ban/limit corporations from buying homes as well.
Posted on 4/16/24 at 1:50 pm to stout
Meanwhile housing starts crashed to the lowest levels since the Covid response
Posted on 4/16/24 at 1:51 pm to DarthRebel
quote:
Of course they should also ban/limit corporations from buying homes as well.
Why?
I don’t have a strong opinion either way. I’m just interested in the thought process.
Posted on 4/16/24 at 1:53 pm to stout
So glad I refinanced for 10 years at 2.25% a few years ago.
My first house was 30 years at 8.5% in ‘97.
After 9/11 we all got spoiled on low interest rates. A loaded out truck could be had for $25k at around 5-6%. Then rates dropped but prices soared. The powers that be are going to get theirs but now rates are skyrocketing as well as prices. The wiggle room isn’t there to play games now.
My first house was 30 years at 8.5% in ‘97.
After 9/11 we all got spoiled on low interest rates. A loaded out truck could be had for $25k at around 5-6%. Then rates dropped but prices soared. The powers that be are going to get theirs but now rates are skyrocketing as well as prices. The wiggle room isn’t there to play games now.
Posted on 4/16/24 at 1:53 pm to Ag Zwin
quote:Because it’s unfair to regular citizens to try and buy a house with a loan only to have a corporation come in and pay $50,000 over asking price and in cash.
Why?
Anyone that says this isn’t common enough to be an issue is a moron. There are 3 houses in my neighborhood alone that situation happened on. And two buddies that sold their houses sold to corporations that offered cash and well above asking price
Posted on 4/16/24 at 1:55 pm to Ag Zwin
quote:
Why?
I don’t have a strong opinion either way
Destroys the housing market for average folks who cant compete. with those deep pockets.
Posted on 4/16/24 at 1:55 pm to wutangfinancial
quote:
Meanwhile housing starts crashed to the lowest levels since the Covid response
Yay, the shortage will get worse
Posted on 4/16/24 at 1:55 pm to tketaco
Sad. We refinanced ours for 2.5 well before this idiot took office. Couldn’t imagine paying 7.5 now.
Posted on 4/16/24 at 1:56 pm to Allister Fiend
quote:
So glad I refinanced for 10 years at 2.25% a few years ago.
Because of my divorce, I had to refinance my house. Originally, I had 6 years left out of 15 to pay. My rate was 2.875 %.
I refinanced in January 2022, and got a rate of 2.5 %. Now, I have 13 years left to pay.
It sucks to start over, but when I look at my situation and see what others are faced with today, I am very fortunate to have the rate I have today.
Posted on 4/16/24 at 1:57 pm to stout
Word is once rates drop 2% points the market going to go nuts with no supply. Values are expected to soar.
Posted on 4/16/24 at 2:03 pm to Henry Jones Jr
quote:
Because it’s unfair to regular citizens to try and buy a house with a loan only to have a corporation come in and pay $50,000 over asking price and in cash.
Anyone that says this isn’t common enough to be an issue is a moron. There are 3 houses in my neighborhood alone that situation happened on. And two buddies that sold their houses sold to corporations that offered cash and well above asking price
Build more houses.
I don't have a problem with big investors buying residential real estate as long as they will not be deemed "too big to fail" when the bottom falls out of the housing market.
Posted on 4/16/24 at 2:06 pm to Allister Fiend
quote:
Word is once rates drop 2% points the market going to go nuts with no supply. Values are expected to soar.
Cool story, needs more dragons.
Rates won't see 5% for another 10 years unless the government wants a hyperinflationary destruction of the dollar and US economy ...
Posted on 4/16/24 at 2:09 pm to stout
thanks joe
Posted on 4/16/24 at 2:10 pm to AmishSamurai
Rates are right about where they should be.
The rates we've had for over ten years were ridiculously low.
The rates we've had for over ten years were ridiculously low.
Posted on 4/16/24 at 2:15 pm to Ag Zwin
quote:
Why?
I don’t have a strong opinion either way. I’m just interested in the thought process
The other two have answered pretty much spot on. I would even expand it to not allow foreign nationals to purchase a home, or at least have some extremely strict rules around it.
Owning your home is part of the American dream and we are allowing that to not become feasible for too many people. This is a situation standard free capitalism cannot correct, there are too many foreign forces driving the prices up.
Posted on 4/16/24 at 2:20 pm to DarthRebel
Chinese nationals and CCP corporations need to be banned from buying these properties altogether.
In Oklahoma the housing/land market is way up and you don't have to worry too long (especially in more rural areas) about selling. Chini will very literally show up with bankrolls of money in a contractor bag or duffel bag, count it out to you for asking price, then follow you to the abstract and title office to finalize the deal in hours.
The foothold they've gained here with fentanyl trafficking and illegal weed farms is unbelievable. Everyone I talk to that isn't from here thinks I'm embellishing. People who live here see it every day.
In Oklahoma the housing/land market is way up and you don't have to worry too long (especially in more rural areas) about selling. Chini will very literally show up with bankrolls of money in a contractor bag or duffel bag, count it out to you for asking price, then follow you to the abstract and title office to finalize the deal in hours.
The foothold they've gained here with fentanyl trafficking and illegal weed farms is unbelievable. Everyone I talk to that isn't from here thinks I'm embellishing. People who live here see it every day.
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