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Message
Mortgages Jump to 7.16%, Highest Since 2001
Posted on 10/27/22 at 9:14 am
Posted on 10/27/22 at 9:14 am
quote:
LINK
The average interest rate on the most popular U.S. home loan rose to its highest level since 2001 as tightening financial conditions weigh on the housing sector, data from the Mortgage Bankers Association (MBA) showed Wednesday.
The average contract rate on a 30-year fixed-rate mortgage rose by 22 basis points to 7.16% for the week ended Oct. 21 while the MBA's Market Composite Index, a measure of mortgage loan application volume, fell 1.7% from a week earlier. Mortgage application activity is at its slowest pace since 1997.
Mortgage rates have more than doubled since the beginning of the year, as the Federal Reserve pursues an aggressive path of interest rate hikes to rein in stubbornly high inflation.
19
Posted on 10/27/22 at 9:15 am to frequent flyer
Good
Crash is coming and I have my eyes on several properties out west
Crash is coming and I have my eyes on several properties out west
Posted on 10/27/22 at 9:16 am to frequent flyer
quote:
Mortgages Jump to 7.16%, Highest Since 2001
Bidens* America
Posted on 10/27/22 at 9:17 am to Cosmo
If we get another 2008 type real estate crash I am scooping up as many rentals as I can.
Posted on 10/27/22 at 9:19 am to frequent flyer
This is better than Mean Tweets. Now send another 20 billion to Ukraine
Posted on 10/27/22 at 9:20 am to frequent flyer
Mortgages were 18% under Carter and people still bought. If you're willing to hedge you could buy at a high rate and lower price and refinance later if things level out.
Posted on 10/27/22 at 9:24 am to Cosmo
Please send the link so I can check out your style… I promise I won't outbid you for it
Posted on 10/27/22 at 9:25 am to AllDayEveryDay
quote:
f you're willing to hedge you could buy at a high rate and lower price and refinance later if things level out.
and when they don't?
Posted on 10/27/22 at 9:25 am to AllDayEveryDay
quote:
Mortgages were 18% under Carter and people still bought. If you're willing to hedge you could buy at a high rate and lower price and refinance later if things level out.
Sure but houses were less than half the price in relation to median incomes in the 70s and interest rates on a savings account were 15%
Not exactly a helpful comparison
Posted on 10/27/22 at 9:26 am to frequent flyer
And my retirement savings are at about 60% of end of year value. That’s tough as I live on the earnings. Lots of folks in my boots. It’s not a great time to be retired.
Posted on 10/27/22 at 9:30 am to thatsnotmydog
Get back to work you lazy bum.
Posted on 10/27/22 at 9:33 am to bayoudude
quote:
If we get another 2008 type real estate crash I am scooping up as many rentals as I can.
I just don't see it. People will hang on to their great mortgage rates, there's not a ton of inventory, and nobody is super motivated to sell.
I want the crash so badly I can taste it, but I'm sure I'll get fricked again.
Posted on 10/27/22 at 9:35 am to frequent flyer
But no mean tweets
Posted on 10/27/22 at 9:36 am to GeorgeTheGreek
I would enjoy a bit or work but not much of a job market for 93 year old with a super pubic catheter and a Walker
Posted on 10/27/22 at 9:36 am to frequent flyer
They are not 7.1 and have dropped yuge this week
Posted on 10/27/22 at 9:38 am to frequent flyer
Posted on 10/27/22 at 9:38 am to thatsnotmydog
quote:
I would enjoy a bit or work but not much of a job market for 93 year old with a super pubic catheter and a Walker
Typical of a Super Boomer to make excuses.
Posted on 10/27/22 at 9:38 am to idlewatcher
Then your hedge didn't work out.
Posted on 10/27/22 at 9:42 am to SDVTiger
quote:
They are not 7.1 and have dropped yuge this week
My wife is in the industry and she said the same thing that rates are lower this week than they were for the last couple weeks.
Posted on 10/27/22 at 9:42 am to frequent flyer
I really hope we get some balance with the midterm results.
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