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Message
re: Wall Street: Housing market to see 2nd biggest home price decline since Great Depression
Posted on 10/4/22 at 11:47 am to RedHawk
Posted on 10/4/22 at 11:47 am to RedHawk
quote:
I got 2.75% in summer of 21. If I borrowed the same amount of money at 7% it would have been another $1,000 a month in my mortgage
Yes. Assume someone purchased a 500k house with 20% down? At 7% you pay around $2,994/month. At 2.8% you pay around $1,927/month.
Property taxes, insurance, and costs for maintenance are also higher and not included in the calculation
Hard to blame the banks really. They are essentially losing money due to inflation by making the loan. If I had 400k to play with I wouldn't give it to some guy buying a small mcmansion. The return is terrible
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