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re: 30-year fixed-rate mortgages reach 7.15%
Posted on 10/19/22 at 9:17 am to stout
Posted on 10/19/22 at 9:17 am to stout
That is still below the average 30 yr mortgage for the last 50 years. Interest needs to be at a high rate to keep dumb arse people from buying things they can’t afford like what happens when you have low interest.
1
Posted on 10/19/22 at 9:23 am to stout
quote:
Remember how Obama tried to kill values by making every new development set aside a portion for low-income housing?
It was far worse than that. He literally was trying to put section 8 housing in the middle of uber affluent areas.
I pass by this very nice apartment complex on my way to work every day. I was at lunch across the street from there one day and started talking to this gal who worked at the restaurant and lives at the chic apartments across the street. They pay very high monthly as it's gated and has all the bells and whistles.
Wellllll, the owner of the building opted to classify half of the complex as section 8 which I didn't even know was possible. So now the tenants are trying to get out of their lease because there are problems just about every night there, but the management company won't let them b/c "they signed a lease". Weird times we live in.
Posted on 10/19/22 at 9:25 am to stout
Wow. Glad it's not mine.
Posted on 10/19/22 at 9:33 am to stout
Glad I locked in and bought down points 2 months ago… don’t see rates falling low enough to justify a refi for years upon years.
Posted on 10/19/22 at 9:35 am to stout
Damn, I locked in at more than half that right before the pandemic
Posted on 10/19/22 at 10:15 am to stout
It’s gonna hurt if I have to move. Got in at 2.5 a couple of years ago.
Posted on 10/19/22 at 10:19 am to stout
quote:
Biden has now killed the real estate market as well.
You know this is not true, so why are you saying it?
Biden did not cause inflation and he does not control interest rates.
The guy is a vegetable, but if you think he has anything to do with this real estate market your IQ is even lower than I had originally thought.
Posted on 10/19/22 at 10:34 am to stout
Not sure about the rest of the country, but the demand for housing in Texas is still really good. Boatloads of people from the East and West coast are still coming in.
If you put your home on the market today it will still get a contract. The days on market will be a bit longer than the crazy period last year, but it will sell.
Prices have dropped a bit, but still higher than pre-covid. People are still making a nice chuck of money. Equity is still there.
If you put your home on the market today it will still get a contract. The days on market will be a bit longer than the crazy period last year, but it will sell.
Prices have dropped a bit, but still higher than pre-covid. People are still making a nice chuck of money. Equity is still there.
Posted on 10/19/22 at 10:48 am to stout
Just curious. At what point do we start throwing hands?
Posted on 10/19/22 at 11:04 am to stout
Really? Interest rates were stupid low for 10 plus years. 7% while high in comparison is what rates were in the mid to late 90s.
Federal Reserve is trying to choke off inflation by making it more expensive to borrow. It's what Volcker did in the late 70s early 80s....and it worked.
The entitlement....you kinda remind me if a Democrat.
Federal Reserve is trying to choke off inflation by making it more expensive to borrow. It's what Volcker did in the late 70s early 80s....and it worked.
The entitlement....you kinda remind me if a Democrat.
Posted on 10/19/22 at 11:51 am to stout
have you seen jumbo loans over 2 Million purchase price?
almost 10K monthly with 30 yr fixed and 20% down.
This may finally really correct California real estate market
almost 10K monthly with 30 yr fixed and 20% down.
This may finally really correct California real estate market
Posted on 10/19/22 at 12:03 pm to stout
quote:Come on, man. There's plenty of criticism for the utterly inept shite coming from the White House, but this is over the top. Re those 401Ks, the original complaint on here was the vast sugar high in stocks due to the absurd over-spending on covid "stimulus". So when those stocks come down to more reasonable levels, that's now bad? And the same thing happen in houses. It's true - if people stretched to buy clearly over-priced housing, then they likely will lose some equity. But again - would you rather have more reasonably priced assetse or bubble assets that only the more affluent can buy?
Biden has now killed the real estate market as well. Equity is being wiped out so you not only lose real money from your 401K but now you also lose net worth from depreciating prices.
The attack on individual homeownership will only get worse. Everything this administration does is on purpose and it's part of their plan.
Remember how Obama tried to kill values by making every new development set aside a portion for low-income housing?
I am 100% Democrats do not want you to use your home as a wealth-building tool so you will be less independent.
quote:Very very clearly, lower (i.e. more reasonable) home prices makes home ownership a plausible reality than ultra high prices driven by ultra cheap rates.
The attack on individual homeownership will only get worse.
Posted on 10/19/22 at 1:21 pm to stout
Will touch 8% before EOY. 400k house with 20% down at 8% is $2500/mo P&I only.
#nevermoving
#nevermoving
Posted on 10/19/22 at 2:39 pm to stout
quote:
30-year fixed-rate mortgages reach 7.15%
Biden has now killed the real estate market as well.
Biden is a moron but there is no way anyone can be this stupid
Posted on 10/19/22 at 7:45 pm to stout
A $250,000 loan at 2.5% is equal in monthly payments as a $150,000 loan at 7.25% at ~$1,000 per month.
Posted on 10/19/22 at 8:16 pm to stout
Biden is the worst President in modern history.
He’s not even American. He’s a globalist trying to destroy wealth.
2 years ago, gas was under $2, interest rates were under 3%, 401ks were soaring.
Biden is absolutely anti-American and trying to hurt us.
He’s not even American. He’s a globalist trying to destroy wealth.
2 years ago, gas was under $2, interest rates were under 3%, 401ks were soaring.
Biden is absolutely anti-American and trying to hurt us.
Posted on 10/19/22 at 9:30 pm to stout
quote:
7.15%
pretty average for my adult experience
Posted on 10/19/22 at 10:26 pm to stout
I'm so glad I went cash with my IRA in may. I wish I had done it sooner.
Posted on 10/20/22 at 1:40 am to stout
Just as I'm selling my house. Perfect.
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