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Started By
Message
re: The average 30-year fixed mortgage rate jumps to 7.50%
Posted on 4/16/24 at 6:06 pm to GoCrazyAuburn
Posted on 4/16/24 at 6:06 pm to GoCrazyAuburn
quote:
And housing prices are still absurd.
Because people locked in at 2.5% aren’t going to sell unless they get enough money to buy the next home in cash.
0
Posted on 4/16/24 at 6:07 pm to Texdelmag
quote:
Sad. We refinanced ours for 2.5 well before this idiot took office. Couldn’t imagine paying 7.5 now.
I’m old enough to remember refinancing to get down to 7.5% and thinking we had hit the lottery
Posted on 4/16/24 at 6:31 pm to Sput
quote:
I’m old enough to remember refinancing to get down to 7.5% and thinking we had hit the lottery
Now look at the average home price in relation to average income… it’s eye opening.
Posted on 4/16/24 at 6:41 pm to Ag Zwin
quote:
Why?
I don’t have a strong opinion either way. I’m just interested in the thought process.
Damn. Wasn’t expecting an express ticket to Downvotesville.
I guess the libertarians are watching midweek baseball and left the place to Democratic Underground.
Posted on 4/16/24 at 6:47 pm to stout
Thankfully it’s transitory!
That statement & the comments regarding possibly cutting rates 3 times this year demonstrates how out of touch DC is
That statement & the comments regarding possibly cutting rates 3 times this year demonstrates how out of touch DC is
Posted on 4/16/24 at 7:40 pm to Gifman
quote:
Now look at the average home price in relation to average income… it’s eye opening
If you look at the average starter home not really. A 1200 or 1400 square foot house is unheard of these days because everyone has to have 3200 right out of the gate.
Posted on 4/16/24 at 7:54 pm to Gifman
quote:
Now look at the average home price in relation to average income… it’s eye opening.
Consider size and features (on average), and it's not that different from housing cycles of the past.
Posted on 4/16/24 at 7:54 pm to stout
I’m a first time homebuyer at 7.125%. It sucks having a rate that high, but found a place I really like and was tired of renting and not building equity. Also, hopefully I’ll feel a little better come next tax season.
I think we are a long ways off until we see rates around 5%.
I think we are a long ways off until we see rates around 5%.
This post was edited on 4/16/24 at 7:55 pm
Posted on 4/16/24 at 7:59 pm to Sput
quote:
I’m old enough to remember refinancing to get down to 7.5% and thinking we had hit the lottery
That’s why we all grew up in tiny houses.
Posted on 4/16/24 at 8:26 pm to OysterPoBoy
quote:
That’s why we all grew up in tiny houses.
1600 was a big house and if someone had a $100k they were in a mansion around here.
Posted on 4/17/24 at 9:15 am to stout
You vill eat ze bugs and you vill own nothing and be happy
Posted on 4/17/24 at 9:16 am to OysterPoBoy
quote:
That’s why we all grew up in tiny houses.
And why people would expand what they had rather than buy a new one if there were enough land.
Posted on 4/17/24 at 9:19 am to stout
Unfortunately the fed cant control whats spiking inflation. If PCE comes down and we get a legit jobs numbers they are gonna cut
I think it happens in Sept which would be perfect timing
I think it happens in Sept which would be perfect timing
Posted on 4/17/24 at 9:21 am to tketaco
quote:
I am never gonna refinance am i?
In hindsight, I am AMPED I refinanced about 5 years ago at like 3.13%.
I literally dunno who affords a house nowadays that doesn't make 200k plus as a family. At least not a house under 200k.
Posted on 4/17/24 at 9:32 am to Sput
quote:
If you look at the average starter home not really. A 1200 or 1400 square foot house is unheard of these days because everyone has to have 3200 right out of the gate.
That reasoning sounds very much like boomer ideology and not rooted in the math. For a 1400 sq ft house in my area, you're looking at around 250k ish.
a 30 year fixed at today's rates for that amount comes out to around $1,900 a month. A general recommendation is to keep your mortgage note at or under 28% of your monthly income. To fall into that range, you'd have to be making in the neighborhood of $110,000 a year.
According to the US census bureau, average household income in Louisiana is around $83,000, $27k less than what would be needed to purchase a cookie cutter basic starter house.
Your assertion that the problem here is spoiled people who want massive houses out of the gate is ignorant to the market conditions we are in today.
This post was edited on 4/17/24 at 9:35 am
Posted on 4/17/24 at 9:42 am to wutangfinancial
quote:
Meanwhile housing starts crashed to the lowest levels since the Covid response
Why aren’t there home builders out there building good old fashioned 3/2 1,400 square foot ranch homes that are affordable? Seems like they could make a killing.
These no-frills homes were the backbone of the middle class for decades. Not everyone needs or can afford a McMansion.
Posted on 4/17/24 at 9:47 am to Henry Jones Jr
quote:
And two buddies that sold their houses sold to corporations that offered cash and well above asking price
"Lord, I see what you've done for others and I'd like you to do that for me as well."
Posted on 4/17/24 at 9:57 am to AmishSamurai
quote:
but the genx /gen z/ miillineals who continue to vote for these policies
I blame the boomers in congress who are actually creating the policies
Posted on 4/17/24 at 10:04 am to JiminyCricket
quote:
Your assertion that the problem here is spoiled people who want massive houses out of the gate is ignorant to the market conditions we are in today.
Yep. Head in the sand boomers who still think a solid handshake and a look in the eye will land you a job at 18 that will allow you to support a family of 5.
They think cost of living relative to income is the same as it was 30-40 years ago and it's nowhere close.
Posted on 4/17/24 at 10:45 am to Pax Regis
quote:
Why aren’t there home builders out there building good old fashioned 3/2 1,400 square foot ranch homes that are affordable? Seems like they could make a killing.
They do. They're called Townhouses in my area
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