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Posted on 9/23/26 at 9:11 am to Tomatocantender
I remember getting a 6 percent mortgage in the early 90s and thinking I hit a gold mine.
Of course, the house was $85k
Of course, the house was $85k
Posted on 9/23/26 at 9:16 am to SlowFlowPro
really has to be fixed through immigration policies, at least in larger cities.
i do not understand why my home in LC has gone up 30%+ in 4 years. retarded
isnt like the hurricane happened after i built.
but the damn city loves to tell me my house is worth 30% more and jack up the property taxes....annoying AF
i do not understand why my home in LC has gone up 30%+ in 4 years. retarded
isnt like the hurricane happened after i built.
but the damn city loves to tell me my house is worth 30% more and jack up the property taxes....annoying AF
Posted on 9/23/26 at 9:19 am to RobertFootball
quote:
housing prices need to fall 35-55% at the least.
If housing dropped this much the frenzy of buying would push it right back up
Posted on 9/23/26 at 9:21 am to Tomatocantender
I have certainly noticed quite a few homes for sale with prices reduced. What a pickle society is in.
Posted on 9/23/26 at 9:24 am to mtb010
"I refinanced mine in 2020 and locked it in at 2.7%. One of the best decisions I have ever made. Went from 3.8 to 2.7."
The "problem," if you choose to look at it that way, is that this phenomenon was very common, creating a reluctance to sell houses that might otherwise be on the market. Why sell your house (if you don't have to) when your rate is going to double or maybe even triple? This reduces supply and makes prices stickier, helping to prevent a significant price drop some would like to see.
What I favor is a policy mix that favors new housing. I doubt you will see big drops in median home prices, but if housing prices stay flat for a while and supply increases, things will get much better over time. Even those locked in to great rates have to move eventually, and more and more younger buyers will not have the disincentive of being locked into low rates as the 2-3% era becomes more distant in time.
The "problem," if you choose to look at it that way, is that this phenomenon was very common, creating a reluctance to sell houses that might otherwise be on the market. Why sell your house (if you don't have to) when your rate is going to double or maybe even triple? This reduces supply and makes prices stickier, helping to prevent a significant price drop some would like to see.
What I favor is a policy mix that favors new housing. I doubt you will see big drops in median home prices, but if housing prices stay flat for a while and supply increases, things will get much better over time. Even those locked in to great rates have to move eventually, and more and more younger buyers will not have the disincentive of being locked into low rates as the 2-3% era becomes more distant in time.
Posted on 9/23/26 at 9:27 am to SloaneRanger
quote:
I am old enough to remember when people wouldn’t even blink at a rate like this. Even at this rate, a 30 year fixed rate mortgage loan is one of the best financial deals out there. It’s not the rate that makes it, it’s the duration.
On a 500k home at 7%, 70% of the payment during the first 10 years goes toward interest.
Posted on 9/23/26 at 9:27 am to Tomatocantender
quote:From Google AI........,
Ouch! That number coupled with median home prices, no bueno. I hope this turns around in early 2027 but who knows.
quote:
The highest average 30-year fixed mortgage rate over the past 30 years (1996 to 2026) was 7.79%, recorded in October 2023 according to Freddie Mac.??
Historical Context (Past 30 Years)2023 Peak: Reached 7.79% in late October 2023, driven by aggressive Federal Reserve rate hikes to combat post-pandemic inflation.
Late 1990s / Early 2000s: Rates in 1996 averaged near 7.81% to 8.03%, and touched roughly 7.23% in mid-2001, but stayed below the 2023 peak in weekly survey averages.
All-Time Record: If looking back further than 30 years, the all-time high in Freddie Mac history hit a staggering 18.63% in October 1981.
Posted on 9/23/26 at 9:27 am to lsu777
"i do not understand why my home in LC has gone up 30%+ in 4 years."
Hasn't there been all that LNG work and other economic growth in the LC area? 30% does sound like a lot, but I am curious: do you think you could sell your house for the value at which it is assessed? If not, you should consider challenging your next assessment.
Hasn't there been all that LNG work and other economic growth in the LC area? 30% does sound like a lot, but I am curious: do you think you could sell your house for the value at which it is assessed? If not, you should consider challenging your next assessment.
Posted on 9/23/26 at 9:31 am to Tomatocantender
The average home price (in our area) is $450,000.00 of which the lenders want 20% down so $90,000.00.
20% down, 7% rate, taxes, insurance home buyers are looking at $3,000.00+ a month mortgages.
And $121,000.00 a year income to qualify.
20% down, 7% rate, taxes, insurance home buyers are looking at $3,000.00+ a month mortgages.
And $121,000.00 a year income to qualify.
Posted on 9/23/26 at 9:32 am to SlowFlowPro
quote:
The problem is pricing hasn't fallen to create an equilibrium with the rates. Homes are still valued as if they were selling in 2021 and 2022.
We can easily deal with 7% rates if the median home price returns to levels of sanity
This, no real big problem with 6-7% rates, but when home prices have barely crept down from their highs back in 2022, when rates were still in the 3-5% range. That's a big problem.
We got double or more than double the rate inflation with barely any of the price decrease.
In Q2 2022, the median home sold for $413,500, the 30 year rate then was around 3.5%.
In Q2 2026, the median home sold for $410,700, almost identical, but the 30 year rate averaged around 6.5%. Which the price of the home in Q3 is about the same still probably but now 7%.
If you put 20% down on each and financed the rest:
The 2022 $413,500 home would have a mortgage only payment (no ins/taxes) $1,485.44 at 3.5%
The 2026 $410,700 home would have a mortgage only payment (no ins/taxes) $2,185.92 at 7%;.
Thats almost 50% more for the same house, all due to interest rate and no real change in price. This isn't even factoring in insurance and property taxes increase from 2022 to now which for basically anyone is definitely higher as well.
We've been sitting in our current home because the jump up to the next house would just be insane. We are sitting on a 2.375% mortgage right now; tons of equity on a $400k+ property ($250k+); our mortgage with taxes and insurance is about $2,150 (on a 15 year)
Our next place, even dumping all our equity into the next house, which would be around ~$750k range house at 7%; would have a payment easily double that of our current one on a 30 year.
This post was edited on 9/23/26 at 9:37 am
Posted on 9/23/26 at 9:33 am to Tomatocantender
That's still not a bad rate. Anything below 8 is decent.
Posted on 9/23/26 at 9:35 am to lgtiger
quote:Sure, but the average home price was 3.5x income in the 80s, compared to over 5x today.
Better than the 18% in the early 80s
Low rates in the early 2000s and 2010s were an unusually low in history.
Posted on 9/23/26 at 9:41 am to Tomatocantender
quote:
7% Mortgage Rates 30-Year
Good, home prices need to come down. Sellers have been retarded since covid.
Posted on 9/23/26 at 9:42 am to ronricks
quote:
Not possible. SDVCuck told us Trump would have mortgage rates in the 4's!!!!! You are just a Kamala voter and a panican and a weak trans homosexual cuck! You are also poor!!!
I'm sure a political party who cherishes Bernie Sanders will fix this.
Posted on 9/23/26 at 9:43 am to The_Duke
quote:
On a 500k home at 7%, 70% of the payment during the first 10 years goes toward interest.
It's a 30 year fixed rate loan. If rates go higher, you're protected. If they go lower, you refinance. And did I mention that you pay on it for 30 years? If you take one out today, you start by repaying in 2026 dollars. If five years you are repaying in 2031 dollars. In ten years you are repaying in 2036 dollars. See where I am going with this?
I'm not saying that every real estate purchase is a good deal. But the 30 year fixed rate loan is a helluva tool. In most of the world it doesn't exist. The interest rate on your loan resets every few years.
This post was edited on 9/23/26 at 9:55 am
Posted on 9/23/26 at 9:45 am to NaturalBeam
quote:
Sure, but the average home price was 3.5x income in the 80s, compared to over 5x today.
Much smaller houses back then of course
Posted on 9/23/26 at 10:09 am to N.O. via West-Cal
quote:
Hasn't there been all that LNG work and other economic growth in the LC area? 30% does sound like a lot, but I am curious: do you think you could sell your house for the value at which it is assessed? If not, you should consider challenging your next assessment.
yea but population hasnt really gone up and just in my neighborhood there are 3 houses that have been sitting on the market
yea my house is prolly worth what the assessed value it plus some but honestly not a lot of reason for the value to go up. there isnt a real market pressure imo.
Posted on 9/23/26 at 10:11 am to aubie101
quote:
You trying get us back to 2008? 20-25% of all homeowners would be severely underwater in their homes.
People bought inflated assets
Posted on 9/23/26 at 10:13 am to RobertFootball
Housing prices in Texas and Florida should start falling pretty soon.
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