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re: The average interest rate on a 30-year mortgage rises to 7.62%, the highest since 2000
Posted on 9/8/23 at 4:41 pm to JohnnyKilroy
Posted on 9/8/23 at 4:41 pm to JohnnyKilroy
quote:there were a glut of new homes available to buyers in 1998...supply was very high.
8th fastest growing city in the country in 1998. Over 200k people. Damn baw, be aware of your surroundings.
quote:can't answer that...that would depend on the person's salary (and his/her spouse's salary if person is married) and spending habits, debt, etc...
Is it reasonable for a 28 year old, even with aggressive savings, to believe they should be able to buy a 4 or 5 bedroom suburban mansion on a big lot?
But why would that person need a 4 or 5 bedroom suburban mansion on a big lot? Why not a 3 bedroom house on a small lot?
This post was edited on 9/8/23 at 4:43 pm
1
Posted on 9/8/23 at 4:44 pm to Chicken
quote:Sure you can.
can't answer that...that would depend on the person's salary (and his/her spouse's salary if person is married) and spending habits, debt, etc...
The answer is “no”.
The “average” could not, and can not.
That is pretty obvious.
Posted on 9/8/23 at 4:48 pm to Scruffy
quote:oh, this hypothetical is for an average person...ok...sure...I think the average person, if he/she is disciplined, could save enough to buy a home by 28 or 30...if that person is single, they don't need a 4-5 bedroom house.
Sure you can.
The answer is “no”.
The “average” could not, and can not.
That is pretty obvious.
Edit to add: I am only trying to suggest that it can be done if a person is careful with spending, and sacrifice their lifestyle some to accelerate their saving...I get that it isn't always possible for people to do that, but that has always been the case.
This post was edited on 9/8/23 at 5:07 pm
Posted on 9/8/23 at 5:10 pm to Cosmo
quote:
The average interest rate on a 30-year mortgage rises to 7.62%, the highest since 2000
Yet prices still arent dropping
Realtors are assholes
The rates can go up to 10% for all I care if the prices will come back down to earth. I am in a building a budget house group on Facebook and they are talking about trying to build at 150 a sf now. It used to be trying to build at 75 a sf, it is double.
If building comes down about 25-35% I will go ahead and build my dream house, finance on 30 years and refi to 15 years when rates drop back down in a few years.
Posted on 9/8/23 at 5:22 pm to Warfarer
quote:
refi to 15 years when rates drop back down in a few years.
I see a lot of people saying shite like this, it seems to be the broad assumption that rates will be moving down. That certainly won’t happen if building costs drop. I don’t think we will see 5% again for several years. They’re trying to prevent the boom mentality to keep inflation from exploding again. Low rates and building expenses won’t do that.
Posted on 9/8/23 at 5:24 pm to Scruffy
quote:
The “average” could not, and can not.
Average income per capita in the US is around 70k. An average couple ($140k household income) could buy a ~$350k home based on a reasonable income to mortgage ratio at 7%. Not sure what that buys these days.
Posted on 9/8/23 at 5:52 pm to The Third Leg
quote:
They’re trying to prevent the boom mentality to keep inflation from exploding again. Low rates and building expenses won’t do that.
Washington is too dumb to understand anything like this and too greedy/selfish to keep themselves from being the ones to lower the Fed Rates.
Posted on 9/8/23 at 7:07 pm to TigerTalker142
quote:
Averages are not really a fair representation here when you consider the income disparity in this country.
I know baw. I said as much in this thread. Scruffy wanted average so I gave him average. It's all good.
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