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Posted on 3/31/22 at 12:53 pm to ChexMix
4.8% is just the start. By end of April it could be near 6%. Couple that with unprecedented inflation the housing market may go into hibernation.
Posted on 3/31/22 at 12:59 pm to ChexMix
quote:
you mean rates that were available in 2015? Yup. People acting like 4.8 is a disaster
It's not the rate that's the main issue, it's the ever higher rates with home prices still rapidly appreciating at least at the moment.
My townhome was worth about $230k back in 2015 with those kind of rates.
Now it's worth about $420k with the same rates in 2022
It's up over 6% in the last month. Meanwhile rates rose about a full percent in the meantime.
This post was edited on 3/31/22 at 1:00 pm
Posted on 3/31/22 at 1:33 pm to ChexMix
quote:
you mean rates that were available in 2015? Yup. People acting like 4.8 is a disaster
4.8 is NOT a disaster by any means, but i don't think interest is done rising and supply problems are going to continue to be an issue, not only for new homes, but the actual supply of homes for sale on the market. we remodeled last year and i get offers to buy it from corporations once a month. if i sell to a corp or renter, it's off the market as a future sell for a long time.
i'm not moving, so it's a moot point, but starter homes that should be a transitory house for upward mobility just got taken off the market for the foreseeable future.
Posted on 4/1/22 at 12:09 am to ChexMix
quote:
you mean rates that were available in 2015? Yup. People acting like 4.8 is a disaster
Only if you had shitty credit. I got 3.25 at the end of 2012.
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