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30-year fixed-rate mortgages reach 7.15%
Posted on 10/19/22 at 8:32 am
Posted on 10/19/22 at 8:32 am
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.
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.
This post was edited on 10/19/22 at 8:36 am
45
Posted on 10/19/22 at 8:34 am to stout
Every piece of legislature from this administration that has anything to do with economics is intentionally designed to reduce the purchasing power of likely Republican voters.
Posted on 10/19/22 at 8:34 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
Posted on 10/19/22 at 8:36 am to stout
Its not really that high
And im going under 5s end of Q1 on my predictions
And im going under 5s end of Q1 on my predictions
Posted on 10/19/22 at 8:37 am to stout
Did he release too many houses from the SHR? He’ll buy them back when prices are a bit lower.
Posted on 10/19/22 at 8:39 am to stout
I don't think it's as targeted as you believe. If Trump were President, we'd be dealing with huge rate hikes at some point, too. The rate hikes are attacking the areas that inflated the most (stock market, real estate, automobiles) during the low inflation and Covid bucks economies.
This is just chickens coming home to roost from all of the post-2008 economic policies that were implemented (and maintained from GWB to Obama to Trump and now Biden) to avoid the reckoning that we should have felt in 2009 and onward. We created a bigger bubble and that bubble has to pop at some point.
This is just chickens coming home to roost from all of the post-2008 economic policies that were implemented (and maintained from GWB to Obama to Trump and now Biden) to avoid the reckoning that we should have felt in 2009 and onward. We created a bigger bubble and that bubble has to pop at some point.
Posted on 10/19/22 at 8:39 am to stout
But yet cd rates are barely 2%. In the early 2000’s when home mortgages were in the mid to upper 6% range a one year cd was paying 4.75%
This post was edited on 10/19/22 at 8:40 am
Posted on 10/19/22 at 8:41 am to stout
How long will it take to work out all the excess money in the economy? I mean, not only do we have a problem with overspending by congress that leads to over printing by the Federal Reserve adding to the money supply but we have foreign actors like Russia and China avoiding the dollar on trade further weakening the demand for the dollar.
Internal fiscal and monetary policy in DC combined with domestic energy and really dumb foreign policy by DC is making Zimbabwe blush.
Internal fiscal and monetary policy in DC combined with domestic energy and really dumb foreign policy by DC is making Zimbabwe blush.
Posted on 10/19/22 at 8:42 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
Not excusing Biden of anything but when I first started in the Mortgage business many years ago that rate was low.
Posted on 10/19/22 at 8:43 am to stout
2023 and 2024 will get ugly.
Posted on 10/19/22 at 8:45 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
The same retarded millenials bitching that "we can't afford homes yet the boomers were able to" are also pulling the lever for Biden.
Posted on 10/19/22 at 8:50 am to stout
Still 4% below my first mortgage rate.
Posted on 10/19/22 at 8:52 am to stout
Knew this was coming. All by Biden's hand and designed too.
I'm just glad I'm locked in at 2.25%
I'm just glad I'm locked in at 2.25%
Posted on 10/19/22 at 8:53 am to stout
Sucks for the people who were waiting for the market to cool down even though the interest rates were low.
Now the rates are high as frick
Now the rates are high as frick
Posted on 10/19/22 at 8:56 am to stout
I sold in June at the peak before the rate hikes. Im apartment living again and my rent is 400 more than my mortgage was, but I made 225k on a house I only had for 4 years with zero improvements.
You probably should have sold already.
This is only the beginning unfortunately. I'm just holding cash waiting for the bottom to fall out.
Another hike of 0.75 will still not be enough to flatline the inflation. We will see 9% interest rates before the new year.
You probably should have sold already.
This is only the beginning unfortunately. I'm just holding cash waiting for the bottom to fall out.
Another hike of 0.75 will still not be enough to flatline the inflation. We will see 9% interest rates before the new year.
Posted on 10/19/22 at 8:59 am to stout
What policy of Biden's has driven the 30 year fixed to these levels? I hate him just as much as you do but this is the Fed.
Posted on 10/19/22 at 9:00 am to stout
****This is not a defense of Biden and/or his shitty policies****
Interest rates were NEVER supposed to be ZERO forever. It was bad policy that we had to pay for at some point. We have an entire generation that has no idea what the net present value of money is because interest rates were non-existent.
Interest rates were NEVER supposed to be ZERO forever. It was bad policy that we had to pay for at some point. We have an entire generation that has no idea what the net present value of money is because interest rates were non-existent.
Posted on 10/19/22 at 9:02 am to stout
Rates should be determined by the market and not the Fed. They never should have been as low as they were. I have a 15 year note at 2.25%. Stupid low.
Would you rather cheap money and high inflation instead?
Would you rather cheap money and high inflation instead?
Posted on 10/19/22 at 9:05 am to stout
My first house in early 2000s was 6.25%.
I do enjoy the 2% I have now though
I do enjoy the 2% I have now though
Posted on 10/19/22 at 9:10 am to stout
Builder baws between a rock and a hard place.
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