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Started By
Message
re: interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 4:09 pm to JiminyCricket
Posted on 7/25/23 at 4:09 pm to JiminyCricket
Baby tac also believes anyone with a tattoo is worthless, so keep that in mind when he gives his opinions 
1
Posted on 7/25/23 at 4:09 pm to Jcorye1
quote:
This was me.
Did you consider just putting down what you could and paying PMI? I know hindsight is 20/20, but I definitely don't regret only putting down 5%, my PMI is only ~$700/yr.
Posted on 7/25/23 at 4:10 pm to el Gaucho
If you would replace “boomer” with “liberal democrat”, we would have something in common to discuss.
I’m sure you consider me, a 54 year old, a boomer.
I joined the army to pay for school since my parents didn’t have the money. I took two jobs at 4.50- 5 bucks an hour to afford life.
I used my government subsidy (VA loan), for first time home buyer program to buy my first 1300 sq foot home.
I’ve worked my way up a little at a time for 29 years in the same company.
I’m sure in your mind I’m exactly who is to blame here..
so tell me. What should I have done differently to help you out brother?
I’m sure you consider me, a 54 year old, a boomer.
I joined the army to pay for school since my parents didn’t have the money. I took two jobs at 4.50- 5 bucks an hour to afford life.
I used my government subsidy (VA loan), for first time home buyer program to buy my first 1300 sq foot home.
I’ve worked my way up a little at a time for 29 years in the same company.
I’m sure in your mind I’m exactly who is to blame here..
so tell me. What should I have done differently to help you out brother?
This post was edited on 7/25/23 at 4:11 pm
Posted on 7/25/23 at 4:10 pm to Hangover Haven
quote:1994
When I purchased my first house in ‘97 the APR was 7%… I’m a Gen Xer.
1st time homebuyer, FHA loan
11% plus PMI
Posted on 7/25/23 at 4:10 pm to Grad92
quote:
how tf did this happen I had a family member buy a house at 2% less than 3 years ago
Posted on 7/25/23 at 4:11 pm to Grad92
The issue now isn't the rates, which are still reasonable relative to historic norms, it's that house values have skyrocketed. The value of a dollar, or purchasing power (per CPI-U) is half of what it was in 1995. Based on that you'd expect home prices of roughly double the 1995 average of ~$158,000, or about $316,000. However, the average home price now is $516,500, driven by some wonky supply/demand dynamics. Regardless, single family home ownership just isn't in the cards for the average American anymore.
This post was edited on 7/25/23 at 4:12 pm
Posted on 7/25/23 at 4:11 pm to Old Character
quote:
That’s right. Then when the rates dropped we refinanced. Quit bitching
quote:Okay Boomer
Old Character
Posted on 7/25/23 at 4:12 pm to Old Character
I knew when the braindead pedophile was "elected" that the cost of everything was going to skyrocket sooner rather than later. Couple that with the Uniparty just absolutely working Trump over with Covid spending before they bumped him, you had to see this coming.
I got mine at 2.9%. I look like a damn genius.
I got mine at 2.9%. I look like a damn genius.
Posted on 7/25/23 at 4:13 pm to Bayou_Tiger_225
I just love “pay cash” guy for purchases like a home. How many folks realistically have 200k just laying around liquid to sink into a house?
It’s way easier to buy a $1 Apple when you make $10 than to buy that same apple for $10 when you make $13.
It’s way easier to buy a $1 Apple when you make $10 than to buy that same apple for $10 when you make $13.
Posted on 7/25/23 at 4:13 pm to LSU Neil
El Gaucho is a troll account. He says what he says to get a reaction.
Posted on 7/25/23 at 4:15 pm to Grad92
quote:only 2%???
I had a family member buy a house at 2% less than 3 years ago
Posted on 7/25/23 at 4:15 pm to TideCPA
quote:An excellent explanation, yet people in this thread still think the current generation needs to suck it up because they also had an 8% rate.
TideCPA
Posted on 7/25/23 at 4:16 pm to cgrand
quote:
1994 1st time homebuyer, FHA loan 11% plus PMI
What was the purchase price?
Posted on 7/25/23 at 4:17 pm to Hangover Haven
quote:
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%…
yea, interest rates right now are much lower than what i had to pay when i got into the housing market back in the mid 70's. morgages were in the 12-16% range. and we didn't blame our parents for that. the uber low interest rates we were recently experiencing were the outliers.
as a boomer i'll just say stfu and quit whining. and you may want to take a course in economics (not you, the OP). Joe Biden, like any president has no control over intereset rates.
Posted on 7/25/23 at 4:17 pm to ItNeverRains
And how much is it worth today?
I’d love to do some math for you. Work is slow in the summertime as a CPA
I’d love to do some math for you. Work is slow in the summertime as a CPA
Posted on 7/25/23 at 4:18 pm to Coldcushcush
quote:How much was that house? And what is it worth now?
yea, interest rates right now are much lower than what i had to pay when i got into the housing market back in the mid 70's. morgages were in the 12-16% range.
Posted on 7/25/23 at 4:24 pm to LSU Neil
quote:
What should I have done differently to help you out brother?
It’s not too late brother just vote for millenials. Vote for trump over Biden and little Ron
As far as the past goes I wish boomers would’ve voted for millenials like Ross Perot and Ron Paul and against things like israel and nafta
Although I will say that it’s cool that y’all elected the millenial george w bush. I was just a kid but I’ll never forget when he did the soulja boy dance with that African tribe
This post was edited on 7/25/23 at 4:27 pm
Posted on 7/25/23 at 4:24 pm to el Gaucho
quote:
they even had “subprime” mortgages where the interest rate was less than 0 and they got paid to borrow money
Subprime doesnt mean what you think it does. It refers to the Offering of loans to individuals that didnt meet normal lending standards. If anything they paid higher than market rates and it led to the mortgage crisis. My first mortgage was 5.5% w perfect credit in 2005 and that was a great rate at the time.
This post was edited on 7/25/23 at 4:25 pm
Posted on 7/25/23 at 4:28 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
You have no clue.
Boomers buying homes in the mid to late 70s and early 80s paid high interest rates. 9-12% depending on when they purchased a home.
I bought my first home In 1976. I put down 20% and got my rate “down” to 9-1/4 %. In 1981 I bought another home and mr interest rates was over 11%. You are blessed and don’t even know it
This post was edited on 7/25/23 at 4:30 pm
Posted on 7/25/23 at 4:28 pm to Hangover Haven
quote:
When I purchased my first house in ‘97 the APR was 7%… I’m a Gen Xer.
I'm a Gen Xer and I bought some points to bring mine down to 8% in 2000.
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