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30-year fixed-rate mortgages reach 7.15%
Posted on 10/19/22 at 8:32 am
Posted on 10/19/22 at 8:32 am
Biden has now killed the real estate market as well. Equity is being wiped out so you not only lose real money from your 401K but now you also lose net worth from depreciating prices.
The attack on individual homeownership will only get worse. Everything this administration does is on purpose and it's part of their plan.
Remember how Obama tried to kill values by making every new development set aside a portion for low-income housing?
I am 100% Democrats do not want you to use your home as a wealth-building tool so you will be less independent.
The attack on individual homeownership will only get worse. Everything this administration does is on purpose and it's part of their plan.
Remember how Obama tried to kill values by making every new development set aside a portion for low-income housing?
I am 100% Democrats do not want you to use your home as a wealth-building tool so you will be less independent.
This post was edited on 10/19/22 at 8:36 am
45
Posted on 10/19/22 at 8:34 am to stout
Every piece of legislature from this administration that has anything to do with economics is intentionally designed to reduce the purchasing power of likely Republican voters.
Posted on 10/19/22 at 8:34 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
Posted on 10/19/22 at 8:35 am to VADawg
They're creating a problem they can come in and "fix" so you'll be grateful.
Posted on 10/19/22 at 8:36 am to stout
Its not really that high
And im going under 5s end of Q1 on my predictions
And im going under 5s end of Q1 on my predictions
Posted on 10/19/22 at 8:37 am to SDVTiger
quote:
Its not really that high And im going under 5s end of Q1 on my predictions
what a putzPosted on 10/19/22 at 8:37 am to stout
Did he release too many houses from the SHR? He’ll buy them back when prices are a bit lower.
Posted on 10/19/22 at 8:38 am to SDVTiger
Haha …… okaaaaayyyy
Posted on 10/19/22 at 8:39 am to The Pirate King
quote:
what a putz
Please explain
Posted on 10/19/22 at 8:39 am to stout
I don't think it's as targeted as you believe. If Trump were President, we'd be dealing with huge rate hikes at some point, too. The rate hikes are attacking the areas that inflated the most (stock market, real estate, automobiles) during the low inflation and Covid bucks economies.
This is just chickens coming home to roost from all of the post-2008 economic policies that were implemented (and maintained from GWB to Obama to Trump and now Biden) to avoid the reckoning that we should have felt in 2009 and onward. We created a bigger bubble and that bubble has to pop at some point.
This is just chickens coming home to roost from all of the post-2008 economic policies that were implemented (and maintained from GWB to Obama to Trump and now Biden) to avoid the reckoning that we should have felt in 2009 and onward. We created a bigger bubble and that bubble has to pop at some point.
Posted on 10/19/22 at 8:39 am to stout
But yet cd rates are barely 2%. In the early 2000’s when home mortgages were in the mid to upper 6% range a one year cd was paying 4.75%
This post was edited on 10/19/22 at 8:40 am
Posted on 10/19/22 at 8:41 am to stout
How long will it take to work out all the excess money in the economy? I mean, not only do we have a problem with overspending by congress that leads to over printing by the Federal Reserve adding to the money supply but we have foreign actors like Russia and China avoiding the dollar on trade further weakening the demand for the dollar.
Internal fiscal and monetary policy in DC combined with domestic energy and really dumb foreign policy by DC is making Zimbabwe blush.
Internal fiscal and monetary policy in DC combined with domestic energy and really dumb foreign policy by DC is making Zimbabwe blush.
Posted on 10/19/22 at 8:42 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
Not excusing Biden of anything but when I first started in the Mortgage business many years ago that rate was low.
Posted on 10/19/22 at 8:42 am to SDVTiger
quote:
Its not really that high
The last time it was over 7% was in March of 2002 so this is the highest it's been in 20 years
LINK
And I was off. It is actually 7.18%
quote:
30-year fixed-rate mortgages
For a 30-year, fixed-rate mortgage, the average rate you'll pay is 7.18%, which is an increase of 13 basis points compared to seven days ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but typically a higher interest rate. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.
LINK
quote:
And im going under 5s end of Q1 on my predictions
I disagree. I think we are on the verge of deflation which will actually send rates soaring.
Posted on 10/19/22 at 8:43 am to stout
2023 and 2024 will get ugly.
Posted on 10/19/22 at 8:44 am to SDVTiger
quote:
Please explain
Please explain
This post was edited on 10/19/22 at 8:45 am
Posted on 10/19/22 at 8:45 am to RogerTheShrubber
quote:
They're creating a problem they can come in and "fix" so you'll be grateful.
Just like them telling us how they are saving us from the high gas prices in June/July.
Remind me again who was in charge 4 months ago.
This post was edited on 10/19/22 at 8:45 am
Posted on 10/19/22 at 8:45 am to SlowFlowPro
quote:
. If Trump were President, we'd be dealing with huge rate hikes at some point, too.
I truly don't think the rate hikes are finished and we may inch close to 10% mortgage rates as inflation has not slowed down with the current hikes. I don't think the hikes would be as severe under Trump. I have long said that rates need to go up but the pace of the hikes is unprecedented.
I still think there is an attack on home ownership. Hell, they have told us they are going after it.
Posted on 10/19/22 at 8:45 am to stout
quote:
30-year fixed-rate mortgages reach 7.15%
The same retarded millenials bitching that "we can't afford homes yet the boomers were able to" are also pulling the lever for Biden.
Posted on 10/19/22 at 8:46 am to SlowFlowPro
quote:
I don't think it's as targeted as you believe. If Trump were President, we'd be dealing with huge rate hikes at some point, too. The rate hikes are attacking the areas that inflated the most (stock market, real estate, automobiles) during the low inflation and Covid bucks economies. This is just chickens coming home to roost from all of the post-2008 economic policies that were implemented (and maintained from GWB to Obama to Trump and now Biden) to avoid the reckoning that we should have felt in 2009 and onward. We created a bigger bubble and that bubble has to pop at some point.
There's truth here^^^^^.
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