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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 10:00 am to stout
Posted on 9/8/23 at 10:00 am to stout
To the idiots who voted for Brandon because you have no intelligence and are emotionally weak, thanks. Thanks for making this country so great. 
Some of you people are fricking morons holy shite. Who the hell would downvote me?
Some of you people are fricking morons holy shite. Who the hell would downvote me?
This post was edited on 9/8/23 at 10:24 am
1
Posted on 9/8/23 at 10:01 am to Sidicous
First home 58k. 13.25 with negative amortization. 1983
Second home 80k 10 adjustable rate. 1985
Third home 182k. 8. 1989. Kept that home as an investment property and sold for 524. 2021.
Retired debt free.
Not the timing of the market, but time in the market
Second home 80k 10 adjustable rate. 1985
Third home 182k. 8. 1989. Kept that home as an investment property and sold for 524. 2021.
Retired debt free.
Not the timing of the market, but time in the market
This post was edited on 9/8/23 at 10:02 am
Posted on 9/8/23 at 10:01 am to stout
Biden is certainly taking good care of the middle class
Posted on 9/8/23 at 10:04 am to stout
People will survive. Our first mortgage was at 8.5% and we thought we were getting a bargain. Our current mortgage is at 2.5% and we know we have a bargain. I've thought of paying it off, but I'd never be able to get money that cheap for years, so why would I. I'll just self finance for a while and wait for the bubble to burst in the housing market.
Posted on 9/8/23 at 10:07 am to stout
Just wait until sale contracts for August and September come in when the market typically slows anyway but with 7.5% interest
Posted on 9/8/23 at 10:09 am to Lsupimp
quote:
My belief is there will be cultural adjustments and market forces that will conspire over the next 2-5 years to make housing more affordable for first time buyers. Housing prices and interest rates will both decline. Not immediately, not miraculously, but over time and for logical reasons.
Agreed, but with the caveat of what happens in the next election cycle. If we end up with a Congress and administration with an even stronger commitment to "climate change", I would expect that time frame to shift further out as any such policies will only increase the price of energy, which ripples out to the rest of the economy (thus making inflation remain sticky or increase, meaning holding rates the same or increasing them further).
Posted on 9/8/23 at 10:11 am to ELVIS U
quote:
People will survive. Our first mortgage was at 8.5% and we thought we were getting a bargain. Our current mortgage is at 2.5% and we know we have a bargain
mine was too. dirt poor, married, and terrible/no credit got me a 8.25% in 2006. I was the sub prime mortgage that caused the crash (but never missed a payment.)
current is 3%.
Posted on 9/8/23 at 10:13 am to stout
My APR was 7% in '97 when I bought my first house...
Boo Fricking Hoo..
Locked in at 2.6% on current house...
Boo Fricking Hoo..
Locked in at 2.6% on current house...
This post was edited on 9/8/23 at 10:15 am
Posted on 9/8/23 at 10:14 am to SlowFlowPro
quote:
Per Black Knight: It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average
It's unbelievable that people continue to buy. The plan is to bite the bullet now, defer other purchases and wait for rates to fall so they can refinance. That's basically every person buying into this market. If that refinance opportunity doesn't arrive soon enough, they are truly screwed.
Posted on 9/8/23 at 10:15 am to Hangover Haven
Do people not realize that Trump also had a hand in how we got to where we are now? This isn't all Biden. This didn't happen overnight and it won't correct itself overnight.
Posted on 9/8/23 at 10:16 am to stout
quote:
stout
I was told yesterday that you are a MAGA communist because of post like these
Posted on 9/8/23 at 10:18 am to stout
I just don’t remember it being that high in 2000. Mortgage rates and high home prices isn’t a good combination. I think a lot of people are going to be stuck in mortgages/homes they can’t get out of.
Posted on 9/8/23 at 10:18 am to Cosmo
quote:
Yet prices still arent dropping
I guess it depends where you are. They are dropping in my area and I am under contract for another house in another state and the prices are dropping across the board. Many houses for sale are sitting for months, with price drops every few weeks.
Posted on 9/8/23 at 10:22 am to Bard
quote:
Agreed, but with the caveat of what happens in the next election cycle. If we end up with a Congress and administration with an even stronger commitment to "climate change", I would expect that time frame to shift further out as any such policies will only increase the price of energy, which ripples out to the rest of the economy (thus making inflation remain sticky or increase, meaning holding rates the same or increasing them further).
Policy matters. Someone who understands market forces and who ascribes to an Aspirational model of American society is critical. What we have now is like trying to stop a leak with a bucket of water.
Posted on 9/8/23 at 10:23 am to Hangover Haven
quote:
My APR was 7% in '97 when I bought my first house...
It's all about income vs interest rate vs loan principal (cost of the home). Whatever happened over twenty years ago has to be reconciled to today's economy.
Posted on 9/8/23 at 10:24 am to Cosmo
quote:
Yet prices still arent dropping
Realtors are assholes
Because supply is so low. Nobody is selling to buy another house unless they absolutely have to because they don’t want to trade a 3% mortgage for a 7.5% one.
My loan amount in 2020 was $330k. A loan today on $200k would carry the same monthly principal and interest payment. The same $330k loan that cost $1350 a month 3 years ago is almost $1000 a month more with today’s rates. Nobody who bought or refinanced in 2020-21 is going to be looking to sell for a long time unless they have no choice.
Posted on 9/8/23 at 10:25 am to stout
Eat a fricking dick Jerome Powell
And also #AbolishTheReserve
And also #AbolishTheReserve
This post was edited on 9/8/23 at 10:27 am
Posted on 9/8/23 at 10:29 am to stout
Once they drop to 4-5% next year values will increase another 10-20% and middle class will be crushed even more
Posted on 9/8/23 at 10:32 am to RedHawk
quote:
Do people not realize that Trump also had a hand in how we got to where we are now? This isn't all Biden. This didn't happen overnight and it won't correct itself overnight.
people love to jack off about government handouts and all that. I'd argue that dropping the rates in March 2020 was as wreckless as any government handout ever, people here don't care cause white collar homeowners are the ones that benefitted from it.
It wasn't directly from the tax payer money but we all are paying for it with inflation on material costs and home prices.
This post was edited on 9/8/23 at 10:32 am
Posted on 9/8/23 at 10:32 am to SDVTiger
quote:
Once they drop to 4-5% next year values will increase another 10-20% and middle class will be crushed even more
Unless they sell high, take that equity, downsize and make that money earn elsewhere. And reenter later. I see possibilities. Then again, I enjoy chewing on tinfoil, so there's that...
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