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Started By
Message
interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 3:09 pm
Posted on 7/25/23 at 3:09 pm
how tf did this happen I had a family member buy a house at 2% less than 3 years ago
25
Posted on 7/25/23 at 3:10 pm to Grad92
Did you see all those stickers on gas pumps a couple of years ago?
Start there
Start there
Posted on 7/25/23 at 3:11 pm to Grad92
Multitude of things.
Individuals having absolutely no accountability for their finances along with lax lending by the moron banks.
Ultimately both sides did the absolute worst that they could do (almost seems like on purpose) and here we are.
Individuals having absolutely no accountability for their finances along with lax lending by the moron banks.
Ultimately both sides did the absolute worst that they could do (almost seems like on purpose) and here we are.
Posted on 7/25/23 at 3:12 pm to Finch
quote:
Did you see all those stickers on gas pumps a couple of years ago?
Start there
As much as I hate Biden, this isn't 100% his fault. Rates were too cheap for far too long. Cheap money is the main thing that has led us to people being in debt on everything they "own" and having wild credit card debt.
Posted on 7/25/23 at 3:15 pm to Grad92
It’s so unfair how boomers had like 0 interest rates and back in the 90s and 00s they even had “subprime” mortgages where the interest rate was less than 0 and they got paid to borrow money
What do the boomers do when millenials try to buy our first houses? They jack up the interest rates sky high
What do the boomers do when millenials try to buy our first houses? They jack up the interest rates sky high
Posted on 7/25/23 at 3:15 pm to stout
How does wild credit card debt come as a result of cheap money? Credit card interest rates are high always.
Posted on 7/25/23 at 3:17 pm to Grad92
I offered 10k over asking on a house 2 years ago and someone beat me. Seller tried pulling me into a bidding war and I said no. Was getting 2.75%
Now I'm still renting and rates are in the 7s. Disgusting
Now I'm still renting and rates are in the 7s. Disgusting
This post was edited on 7/26/23 at 9:23 am
Posted on 7/25/23 at 3:18 pm to el Gaucho
quote:
It’s so unfair how boomers had like 0 interest rates
Posted on 7/25/23 at 3:20 pm to Motorboat
quote:
How does wild credit card debt come as a result of cheap money? Credit card interest rates are high always.
Credit card interest rates go down when the rates go down, and go up when rates go up. If you read your CC terms and conditions it'll show a range for the interest rate, something like "APR 14.99%-24.99%"
Posted on 7/25/23 at 3:20 pm to el Gaucho
quote:
It’s so unfair
quote:
had like
God help us all
Posted on 7/25/23 at 3:22 pm to stout
quote:
As much as I hate Biden, this isn't 100% his fault
Yes it is
It’s the boomers fault too
Millenials used the power of the internet and memes to elect a millenial president for the first time. He didn’t have grey hair, his wife was hot instead of 50, he ate McDonald’s like us millenials, he drank a lot of cokes, he skipped work to go drink on the golf course. True millenial
Then 81 million boomers showed up to vote him out and elect another boomer president who immediately raised the interest rate so millenials can never own a house
Posted on 7/25/23 at 3:23 pm to Carson123987
Wonder what the market will look like if rates never go back down to 3% but stabilize around low to mid 5’s for quite some time.
Would we see an uptick in home sales or are people going to hold off in the hopes for low to mid 4s?
Would we see an uptick in home sales or are people going to hold off in the hopes for low to mid 4s?
Posted on 7/25/23 at 3:23 pm to Grad92
Posted on 7/25/23 at 3:24 pm to Grad92
Gen X dealt with these types of rates as a norm in the 90's and 00's, including after 9/11. We survived.
Suck it up, entitled kiddos.
Suck it up, entitled kiddos.
Posted on 7/25/23 at 3:25 pm to Carson123987
quote:
I offered 10k over asking on a house 2 years ago and someone beat me. Buyer tried pulling me into a bidding war and I said no. Was getting 2.75%
Now I'm still renting and rates are in the 7s. Disgusting
I know people who were putting off buying a house until they had 20% for the down payment. Now they are looking at both increased interest rates and home prices.
Posted on 7/25/23 at 3:26 pm to Carson123987
quote:
Now I'm still renting and rates are in the 7s. Disgusting
Yep
Boomers tell us to pull ourselves up by our bootstraps but you can’t get bootstraps for less than 7% interest and all the boots are made in China because the boomers moved all the boot factories that we could’ve had good careers at to China
Posted on 7/25/23 at 3:26 pm to el Gaucho
quote:
It’s so unfair how boomers had like 0 interest rates and back in the 90s and 00s they even had “subprime” mortgages where the interest rate was less than 0 and they got paid to borrow money
What do the boomers do when millenials try to buy our first houses? They jack up the interest rates sky high
And then 2008 happened. There's a reason why stuff like that doesn't fly anymore (at least I hope it doesn't).
And you act like interest rates weren't reasonable in recent history. I took at a mortgage in 2015 for 4.5%. Refinanced down to 2.5% in 2021.
The US got loose with money due to Covid stimulus and extended unemployment benefits. The bill has come due for all of that spending.
Posted on 7/25/23 at 3:28 pm to Epic Cajun
quote:
I know people who were putting off buying a house until they had 20% for the down payment. Now they are looking at both increased interest rates and home prices.
*raises hand
Posted on 7/25/23 at 3:28 pm to Grad92
quote:
It’s so unfair how boomers had like 0 interest rates and back in the 90s and 00s
When I purchased my first house in ‘97 the APR was 7%…
I’m a Gen Xer. When my brother purchased his first house in 1981 the APR was 16%…
This post was edited on 7/25/23 at 3:33 pm
Posted on 7/25/23 at 3:29 pm to Motorboat
quote:
How does wild credit card debt come as a result of cheap money?
Fed Rate Hike Means Credit Card Holders And Other Borrowers Will Pay More
Also, CC companies are more likely to approve undeserving borrowers when rates are lower
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