How high we gonna get boys? Double digits in the future?
Yes, Mortgage Rates Are Now Over 7%, But It's Complicated
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Mortgage Rates north of 7%
- Thread starter Tezz500
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I expect them to keep going up. Glad I'm not in the market.
Yep. No other way to fight democrat spending/inflation.
We just closed on our new house and we paid points to stay under 6%.
Economic outlook globally is not looking all that good right now.
We just closed on our new house and we paid points to stay under 6%.
Economic outlook globally is not looking all that good right now.
Just a normalization, nothing to see here.
I was born in 1981, my parents had a 19% mortgage on their first home.
1/3 of home sales are all cash purchases anyways.
They just want to lock some folks that can't actually afford to buy their home into generational poverty.
I was so pissed our rate went up from 2.5 in January to 4.3 in may because they drug their feet on the new build.... I feel for these bastards looking to buy right now. Im no financial wiz by any means but my tiny little brain says +10% wont be too far down the road.... Few years and probably sitting there for abit?
Been saying this for 6 months, it will hit 10% or more by spring. When inflation was as bad as it is now in the early 80s the rates were in the mid teens. Different scenario now, but its still going to get bad.
Damn that soon?
The FED is going to keep raising their interest rates which in return will raise the mortgage rates greatly. They just did it last week another .75, and that hike hasnt even begun to take effect. Wait untill they do it again at the end of the year. By next spring, it will be very close to 10% if not 10%.
FED interest rate hikes dont effect mortgage rates proportionately either. That single .75 hike could bump up mortage rates a couple percent. They just raised them .75 back in May too and mortage rates jumped about 2% since then.
I was thinking +10 by the middle/end of 2024.
ooooooo boy the housing markets about to get smacked in the mouth LOL.
Its already showing via demand charts... Demand has decreased dramatically since this point last year. People were paying 30k or more over asking for cheap cookie cutter homes, and they were sold within days. Now they are sitting months.
It depends on the location and market there too, but as a whole, the US housing market is in for a real gut check shortly... places like Florida will be the exception.
False equivalence is a straw-man argument.
Your parent's home in 1981 was $20k, not $800k.
Pretty much, I mean wouldnt it be best to buy a home when they keep spiraling down but rates go up only to later refinance at a lower rate when rates drop?
I believe my parents had a 12%? rate or higher when they bought in the late 80's as well
They wont be at 800k for much longer. Besides, im sure these homes will be over 1.4 mill 20 years from now
We sold our house for $300,000 over asking in 48 hours last year. Housing supply at that time was estimated 14 days.
Now, supply is estimated to be 2.5 months, so prices are dropping all over.
Now, supply is estimated to be 2.5 months, so prices are dropping all over.
I think that’s the point at least in the FED eyes. Gotta reduce demand of everything.
They have to restrict growth to keep inflation down. Making money more expensive to borrow is Econ 101.
I’m OK with the rate hikes…I’m not OK why they are being hiked (govt spending being complete out of control and forcing energy prices up because “save the earth” BS).
Meanwhile they print their own money and ship off hundreds of billions of dollars a year, which we dont have to give, to other counties for bullshit causes.
Ukraine is a prime example. Same with the 85 billion in weapons and equipment we abandoned to terrorists in Afghanistan last year.
You cant make up how incredibly stupid and financially irresponsible your government is.
Their wages were probably considerably lower as well. I doubt the transition from then till now is linear.
Just keep printing money....we are literally governed by children.
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