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Started By
Message
re: interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 7:24 pm to Sao
Posted on 7/25/23 at 7:24 pm to Sao
quote:
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
No shite! My first house in’97 was at 8.15% and at the time was a good rate. My truck was 6.25%. Rates didn’t plummet until after 9/11. Boomers were getting slammed in the 70s-80s at 12+%
0
Posted on 7/25/23 at 7:28 pm to Jcorye1
quote:You learned something. Don’t ever listen to advice from tigerdroppings. Not even from great minds like me
This was me.
Posted on 7/25/23 at 7:34 pm to DakIsNoLB
quote:
I took at a mortgage in 2015 for 4.5%. Refinanced down to 2.5% in 2021.
Yeah my first starter home in 2007 had a rate of about 6.4% then 4.3% when i got my current home a few years later. Why would anyone not have refinanced in 2021 when rates were in the 2's? I do agree though they probably should have never got that low.
This post was edited on 7/25/23 at 7:37 pm
Posted on 7/25/23 at 7:34 pm to Dawgfanman
quote:
Overall, the average person is worse off today than then in terms of purchasing power, but likely lives a more luxurious life.
This right here. It seems a lot of people learned to live without the newest and shiniest objects back in the day. They had Formica countertops, carpeting, rarely ate out, bought used cars, repaired holes in jeans, ate leftovers, only had one family car, had one TV, lived in much smaller houses, took one moderate vacation a year if you were lucky etc…
Now a days a lot of people take more vacations, eat out a lot more, have way more vehicles, a tv in every room, handheld devices, a lot more subscriptions, credit card debt, etc…
This post was edited on 7/25/23 at 7:46 pm
Posted on 7/25/23 at 7:44 pm to jizzle6609
Lax lending by banks? Please go on…
Posted on 7/25/23 at 7:49 pm to jcaz
quote:
Waiting to save up 20% during record low interest rates is such a Dave Ramsey thing to do. We did USDA RD zero down loan and saw our equity increase 20% in 2 years. My dad (boomer) said I was stupid for thinking I could get a mortgage without 20% down.
I could have put down 20% when I bought my current house but did 5% instead due to low interest rates. I invested money instead and it has worked out well so far
Posted on 7/25/23 at 8:01 pm to dinosaur
quote:
You have to be a troll.
Took you 6 pages?
Posted on 7/25/23 at 9:17 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
I bought my first house in 1995/96 and our interest rate was 8.2% with amazing credit and little debt. It was also a VA loan.
This post was edited on 7/25/23 at 9:18 pm
Posted on 7/25/23 at 9:20 pm to Grad92
Rates were down way too long
Posted on 7/25/23 at 9:56 pm to yellowfin
quote:
I could have put down 20% when I bought my current house but did 5% instead due to low interest rates.
We didn’t have much cash on hand at the time due to covid layoffs but had just gotten a new job with good salary. We knew we had to get in a home now or never.
When you are paying $800/month for a crap apartment and your mortgage would only be $1000/month you gotta jump at that.
Posted on 7/26/23 at 12:07 am to el Gaucho
Nope. The dems moved all the boots to China under Clinton. Then Obama went full throttle on moving all manufacturing jobs left.
Posted on 7/26/23 at 12:33 am to Grad92
Closing on a house August 21st. It was the 6th house we made an offer on. The last 3 houses we bid around 10% over the ask and still weren’t close. Not looking forward to these rates but I’ll refi down to the 5s next year.
Posted on 7/26/23 at 2:05 am to Paul Allen
quote:
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?
A major issue, at least where I live, is inventory. That’s why we are just now seeing a very slight increase in time on market and decrease in home price. But these are still much higher than 2020 & 2021 prices.
But if there’s a good house available, in a good area— it will still see top dollar. I think that’s likely to a lot of people, in my area, paying cash for a home so unaffected by interest rates. Wild time to buy.
Posted on 7/26/23 at 4:46 am 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
Can’t tell if this is tongue in cheek or if you are too stupid for air.
Posted on 7/26/23 at 4:51 am to Pu2kph0
El Gaucho knows more about homebuying than you ever will!
Posted on 7/26/23 at 5:31 am to mmonro3
You had HISTORICALLY low rates for Too long. Just pull up a 10 year fed funds chart. That’s all you need to know. Here is what happened
1. Obama’s fed finally started bumping up rates at the end of his term. Just little quarter bumps. That was the right thing to do
2. Trump’s fed came in and continued the same thing. Quarter bumps.
3. Then they paused in Dec of 2018. And Trump got on his bully pulpit. Starting telling everyone how “disappointed we all were with the fed. And in June of 2019, they started lowering rates. (That was a Mistake)
3. Then next Spring Covid hits (further complicating matters)
Just look at the chart. It tells the whole story.
Rates were low for WAY too long. Inflation does not happen overnight. Biden’s fed jacked shite up with the steepness. And that’s what needed to happen.
Sorry if that doesn’t fit the moronic “Biden’s Inflation” rhetoric you Dipshits keep spewing. Just look at the fricking chart.
1. Obama’s fed finally started bumping up rates at the end of his term. Just little quarter bumps. That was the right thing to do
2. Trump’s fed came in and continued the same thing. Quarter bumps.
3. Then they paused in Dec of 2018. And Trump got on his bully pulpit. Starting telling everyone how “disappointed we all were with the fed. And in June of 2019, they started lowering rates. (That was a Mistake)
3. Then next Spring Covid hits (further complicating matters)
Just look at the chart. It tells the whole story.
Rates were low for WAY too long. Inflation does not happen overnight. Biden’s fed jacked shite up with the steepness. And that’s what needed to happen.
Sorry if that doesn’t fit the moronic “Biden’s Inflation” rhetoric you Dipshits keep spewing. Just look at the fricking chart.
This post was edited on 7/26/23 at 5:56 am
Posted on 7/26/23 at 6:24 am to The Goat
I remember thinking to myself in 2014, “why have these frickers not started raising rates”? In my opinion, Obama’s fed should have started raising rates a year before they did. But when Trump’s fed started lowering rates, that’s when I said “oh frick”.
The fed chief supposed to be an apolitical role. Trump changed that, and the only rationale I could come up with is this
That fricker cared not one bit about the long term ramifications. My assumption it that he probably had a few hundred mil in notes maturing in 2019. And he didn’t want to pay higher rates.
The fed chief supposed to be an apolitical role. Trump changed that, and the only rationale I could come up with is this
That fricker cared not one bit about the long term ramifications. My assumption it that he probably had a few hundred mil in notes maturing in 2019. And he didn’t want to pay higher rates.
Posted on 7/26/23 at 8:17 am 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
Please tell me you are trolling. I bought my first house in 1997 and paid 7.5%, 2nd house in 2001 at 7.75% on a 3 yr adj.
Posted on 7/26/23 at 8:35 am to Bayou_Tiger_225
quote:
quote:
Meh, it was 7% in 2008...not that big of a deal, ya'll will survive.
Id gladly play 7% if my home costed half as much to purchase like it did in 2008.
Bunch of dumb comments like this throughout this thread.
“Muh, suck it up young people. The rate was 8-9% back in my day”.
Yeah, and you house costed 50% less, a new truck was 25k, and things at the dollar store actually costed a dollar.
chill out, like the cool kids in the 80's growing up in Tara...our people only had to pay $144,000 for a house like this one that sold in 2011 for $330,000.
Like this example house.
zillow thinks is is worth $470,000
check out the Deed history...the first owner only paid $69,700 in 1971....looks like the lot was part of some land a developer paid $87,869 in 1970.
its about as close to texas as some of you guys will get, driving down longview drive.
Posted on 7/26/23 at 8:58 am to The Goat
Yeah you are glossing over the fact that Yellen said inflation was transitory and they waited too long to start raising rates thus neccesitating raising them more now. This shite is on Biden's team more than Trump's team.
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