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Started By
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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 10:35 am to Lsupimp
Posted on 9/8/23 at 10:35 am to Lsupimp
You would also need to avoid an economic crunch that seems to be around the corner. Unemployment increased in August and student loans have to be repaid for the first time in 3 years.
This also directly affects the "people with low rates won't sell unless they have to" population, potentially.
This also directly affects the "people with low rates won't sell unless they have to" population, potentially.
1
Posted on 9/8/23 at 10:35 am to PhillyTiger90
quote:
Eat a fricking dick Jerome Powell
JP certainly has a hand in this, but that hand was largely forced by PPP, Stimmy checks, etc (at least recently). which were all passed by Congress and this and the prior President.
DC in general needs to EAD on this.
Posted on 9/8/23 at 10:37 am to Lsupimp
quote:
Unless they sell high, take that equity, downsize and make that money earn elsewhere. And reenter later.
Many should
They could be debt free buy a bigger house and have the same payment they have now
Or just get debt free and sit on the equity. Values arent going down anytime soon
Posted on 9/8/23 at 10:38 am to SlowFlowPro
Remember the term "commercial real estate doom loop". And think about what it will be like when dozens of smaller regional lenders go down.
Commercial real estate doom loop.
Commercial real estate doom loop.
Posted on 9/8/23 at 10:40 am to stout
That’s why anytime i hear or see someone buying a house right now, i keep thinking why in the frick would you buy a house right now?
You don’t “have a guy” that got you better rates, the rates are just stupid high across the board and adds a frick ton of extra cost on a house
You don’t “have a guy” that got you better rates, the rates are just stupid high across the board and adds a frick ton of extra cost on a house
Posted on 9/8/23 at 10:41 am to Dire Wolf
quote:Or maybe we just shouldn’t have locked everything down and printed a few trillion dollars to pay everyone to stay at home for a virus that was no more dangerous than the seasonal flu for almost everyone that wasn’t retirement age or had underlying health problems already. People making as much on pandemic unemployment as they were making at their jobs before forced businesses to have to pay $15/hour to fill positions that previously were filled at $8-10/hour because now they had to compete with what the government was paying people to stay home. Then everyone was shocked when the cost of everything started going up
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.
Posted on 9/8/23 at 10:41 am to SDVTiger
Interest rates dropping to 4% would just cause another buying frenzy with people paying X% over asking waving inspections etc.
Posted on 9/8/23 at 10:42 am to Fat and Happy
quote:because rates aren’t coming down significantly in the near future
That’s why anytime i hear or see someone buying a house right now, i keep thinking why in the frick would you buy a house right now?
Posted on 9/8/23 at 10:55 am to Tiger Prawn
quote:
Or maybe we just shouldn’t have locked everything down and printed a few trillion dollars to pay everyone to stay at home for a virus that was no more dangerous than the seasonal flu for almost everyone that wasn’t retirement age or had underlying health problems already. People making as much on pandemic unemployment as they were making at their jobs before forced businesses to have to pay $15/hour to fill positions that previously were filled at $8-10/hour because now they had to compete with what the government was paying people to stay home. Then everyone was shocked when the cost of everything started going up
Under Trump's watch all of this happened:
The first stimmy checks
Shut down student loan repayment
Put a moratorium on rent
Shut down the US
Lowered interest rates
Raised welfare
Biden extended all of that longer than it needed to be extended, but it all started during Trump's tenure.
Also, when COVID first started it was a hell of a lot worse than the seasonal flu.
This post was edited on 9/8/23 at 10:58 am
Posted on 9/8/23 at 10:58 am to stout
This will make it that much easier for Blackrock and foreign Money to scoop up even more housing stock to turn into rental properties.
You Will Own Nothing and Be Happy.
You Will Own Nothing and Be Happy.
This post was edited on 9/8/23 at 10:58 am
Posted on 9/8/23 at 10:58 am to Tiger Prawn
quote:
Or maybe we just shouldn’t have locked everything down and printed a few trillion dollars to pay everyone to stay at home for a virus that was no more dangerous than the seasonal flu for almost everyone that wasn’t retirement age or had underlying health problems already. People making as much on pandemic unemployment as they were making at their jobs before forced businesses to have to pay $15/hour to fill positions that previously were filled at $8-10/hour because now they had to compete with what the government was paying people to stay home. Then everyone was shocked when the cost of everything started going up
There are a lot of decisions that should be revisited. I was pretty early on the "lockdowns bad" take, there are threads from back then if you care to find them. I worked more from the office in 2020 than I did before.
The interest drop was one of the dumbest decisions made in 2020. Without question. It benefited people whose income did not change and even freed up capital because they could work from home and not spend money on transportation.
The first signs of inflation were coming was building materials and home goods. People were stuck at home, able to refinance, and looked to spend money on home products.
The low interest rates also put the housing market on fire at a time when it was very expensive to add new inventory due the supply chain issues.
Posted on 9/8/23 at 11:01 am to Fat and Happy
quote:
That’s why anytime i hear or see someone buying a house right now, i keep thinking why in the frick would you buy a house right now? You don’t “have a guy” that got you better rates, the rates are just stupid high across the board and adds a frick ton of extra cost on a house
There are a lot of buyers migrating from undesirable states and paying cash. They sell a house with a lot of equity and interest rates aren't a factor.
Posted on 9/8/23 at 11:12 am to RedHawk
quote:
The first stimmy checks
Shut down student loan repayment
Put a moratorium on rent
Shut down the US
Lowered interest rates
Raised welfare
Biden extended all of that longer than it needed to be extended, but it all started during Trump's tenure.
i'm no giant trump fan. i voted for him 1 out of 4 opportunities.
i'll begrudge him shut down US, rent moratorium, and student loans. and spending in general.
however in March 2020 all the news out of China was that people were dying in the streets. there was a thread on this very board with that title.
After about mid-April-May, he was pretty even handed about it and getting things back to normal, hence the lower rates and stimmy checks.
BLM and riots took everybody's eyes off of him trying to get the economy rolling again while the other side was trying to do everything they could to start a race war and keeping the economy shut down till November. most of them have admitted as much.
i'm in no way endorsing his behavior and how he governed during that time. i just give most everybody a bit of a grace period from March-May 2020.
This post was edited on 9/8/23 at 11:16 am
Posted on 9/8/23 at 11:12 am to stout
My houses are paid off.
It took time to get here.
When I started out in the 1980’s you end up paying it. You have sex, then get married, and have kids. You pretty much strive for a house.
It kind of it is what it is. You may have to get a smaller house, fixer upper where takes time to fix this or that, but it is what it is.
It took time to get here.
When I started out in the 1980’s you end up paying it. You have sex, then get married, and have kids. You pretty much strive for a house.
It kind of it is what it is. You may have to get a smaller house, fixer upper where takes time to fix this or that, but it is what it is.
Posted on 9/8/23 at 11:16 am to johnnyrocket
quote:
You have sex, then get married, and have kids.
i feel like the order of that could be changed a few different ways.
Posted on 9/8/23 at 11:17 am to 3nOut
quote:
however in March 2020 all the news out of China was that people were dying in the streets. there was a thread on this very board with that title.
After about mid-April-May, he was pretty even handed about it and getting things back to normal, hence the lower rates and stimmy checks.
most of the shutdowns were state-level, stimmy checks were very popular, and no one bitched about lowered interest rates.
It was an election year too.
A lot of stuff we are talking about was very justifiable in the moment but in hindsight was a diaster
Posted on 9/8/23 at 11:21 am to weadjust
quote:
There are a lot of buyers migrating from undesirable states and paying cash. They sell a house with a lot of equity and interest rates aren't a factor.
That’s what’s happening in my area, a friend will find a house to buy and then someone from California swoops in and pays cash $20k over asking.
Posted on 9/8/23 at 11:23 am to ronricks
quote:
Interest rates dropping to 4% would just cause another buying frenzy with people paying X% over asking waving inspections etc.
100% and values will scream up screwing the middle class even harder
Then investors will be buying them up in cash and Im not talking about Blackrock either. They will crush 1st time homebuyers
Posted on 9/8/23 at 11:24 am to RedHawk
quote:
Under Trump's watch all of this happened:
The first stimmy checks
Shut down student loan repayment
Put a moratorium on rent
Shut down the US
Lowered interest rates
Raised welfare
And under a Democrat-controlled House (where spending starts) and a limp-dicked GOPe-controlled Senate.
I'm not trying to hide Trump's fault in this, but his was far from the only hand pushing this fiasco.
Posted on 9/8/23 at 11:28 am to Rize
quote:renting isn’t much better these days unless you plan on living in a cardboard box in the ghetto
My arse may just end up renting when I move to Houston.
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