Mortgage Rates north of 7%

[MFE]

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.

I guarantee the Democrats have a $1 Trillion "inflation relief" stimulus package in the wings

 

[VegasMichael]

False equivalence is a straw-man argument.

Your parent's home in 1981 was $20k, not $800k.

No way. Maybe in 1961.

 

[Rb0891]

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).

Yes, and restrict growth means lotsa bad shit

 

[Tezz500]

I guarantee the Democrats have a $1 Trillion "inflation relief" stimulus package in the wings

It’s all good. They’ll just fire up another world war…. That’s what the Dems do when shit gets a little hairy for them.

 

[gimmie11s]

Their wages were probably considerably lower as well. I doubt the transition from then till now is linear.

Actually, not as much as you'd imagine.

Average real wage in 1981 was $42k per year, while in 2022, average real wage is just over $62k per year -- An increase of 57% from 1981 to 2022.

In 1981, average home price was $68k, while average home price now in 2022 is almost $350k. An increase of 515%.

Real wages are nowhere near keeping pace with home prices.

 

[Double"O"]

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.

I agree...my parents were paying close to 15% in 1978 when they bought the house i grew up in

 

[gimmie11s]

No way. Maybe in 1961.

It was an exaggeration.. see post #25.

 

[VegasMichael]

It was an exaggeration.. see post #25.

Ah, I see now.

 

[robvas]

Guess I'll have to pay for the next house in cash!

 

[Tezz500]

Guess I'll have to pay for the next house in cash!

Baller

 

[gimmie11s]

Guess I'll have to pay for the next house in cash!

 

[SHOdown220]

I specifically remember a member here telling me last year I was making a “TERRIBLE “ decision to buy my house instead of waiting because the market would crash in 6 months. Well here I am 14 months later with house prices higher than they were last summer and l locked in 2.95%. Whoops.

 

[Tezz500]

I wonder what the break even point would be for that… money now being worth more than money over 30 years….

 

[96dreamer]

My wife and I were looking to move, been in our first house since 14'. The higher the interest rates get the bigger my current bathrooms and garage feel. Currently locked in with a 2.5% 15year.

 

[1Kona_Venom]

~~This was 1 of 3 MAIN reasons I decided to decline 2 job offers.
The extra pay looked good on paper, but, nope. I'm good where I am at.

 

[5.0 Hatch]

Until the fed and white house are on the same page, I see this trend continuing. We'll have the inflation reduction act 2.0 very soon

 

[rotor_powerd]

I’m no expert here but it seems like the skyrocketing property values of the past 2 years followed directly by skyrocketing mortgage rates will certainly cause some issues. Namely, dropping property values and the folks that bought in the past year or so are going to get hung out to dry for a bit. Guess we will see where it goes.


We bought in 2018 with a jumbo 30 at a little over 5%. Refi’d last January, same jumbo 30, to 2.9%. At this point we would clear about 750k cash if we were to sell. Obviously something is very wrong, but I am glad to be in the position I’m in rather than looking to be a first time buyer

 

[Deceptive]

I love the Millenial and Gen Z phaggots cheering on housing values dropping thinking they will be able to afford a house. Lol! These phaggots don’t understand that the interest rate raises will keep them jumping between apartments for the foreseeable future. These phaggots voted for what they are getting and I could not enjoy watching them suffer more than what I already do.

Lol!


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[ur bittn]

I love the Millenial and Gen Z phaggots cheering on housing values dropping thinking they will be able to afford a house. Lol! These phaggots don’t understand that the interest rate raises will keep them jumping between apartments for the foreseeable future. These phaggots voted for what they are getting and I could not enjoy watching them suffer more than what I already do.

Lol!


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Not to mention property tax

 

[Rb0891]

I love the Millenial and Gen Z phaggots cheering on housing values dropping thinking they will be able to afford a house. Lol! These phaggots don’t understand that the interest rate raises will keep them jumping between apartments for the foreseeable future. These phaggots voted for what they are getting and I could not enjoy watching them suffer more than what I already do.

Lol!


Sent from my iPhone using svtperformance.com

Then going to shit when they find themselves lacking employment. Of course fast food is still hiring