You would expect such an increase in mortgage rates would lead to the price of homes coming down but that certainly hasn’t happened yet.
Mine just went to zero.
If you are in a fixed rate mortgage, how can your mortgage rate increase from $1787.00 to $3322.00?
If you are not in a fixed rate mortgage and have a ARM, you have no business buying real estate.
Then throw in the Debt To Income rule where no more than 36% of gross income should be used for any kind of debt.
Families are getting destroyed. The younger generation typically doesn't want kids and also can't afford them.
Illegals and welfare queens are getting paid "by the head" of each baby - as long as there is no father in the household.
Our nation has ceased to exist...
No way am I paying those off early - even though I could.
Instead, I took the payoff money and put it in short-term (4-wk) T-bills paying around 5.4%.
It's a small form of financial arbitrage - making over 3% return between my debt and the government's debt.
I’m not sure what all this stat tells us. It is partly this high because the average is skewed by coastal elites and their mini-mansions.
$3,322 is wholly out of the range of middle-class Americans in flyover country. Those here who have good jobs are pushing the real estate market to expensive homes.
I can’t even imagine having that kind of a mortgage payment. I just about had a heart attack when our cropland mortgage went from 3% to 5% after Brandon was selected. *SPIT*
One more year to go and the ENTIRE farm will be mortgage-free...less if I have my way.
I’m sure Mother Government will find some other way to screw us over in our Golden Years, though. :(
People who vote democrat are either rich or subsidized... they’re not working class Americans. (of if they are they are totally out of touch with reality)
I am in North Jersey - that mortgage payment will get you a place in the hood in Newark. š
If you think the value of the house will appreciate, the mortgage rate is of no consequence as you will have a asset that is increasing in value.
If you do not think the value of the house will appreciate, then it does not matter if the interest rate is 1% or 10$, you should not be buying the house.
If the house goes down in value, you lose not matter the rate.
Does that include taxes a d insurance?
bttt
A couple could offer to buy a $350,000 house paying:
1. $250,000 via a 7% mortgage
2. $50,000 more within 90 days of a 6% mortgage rate being available
3. the balance within 90 days of a 5% mortgage rate being available
4. 30% of all their income increases until the balance is paid off
That’s the best offer we can make. You can wait for better or take it and get on with your life.
Letās go Brandon!
How much of that is due to people’s variable mortgage rates varying?
How many people on this forum complained for years that interest rates generally were artificially low and needed to be raised?
You canāt pay down principal. I sense another bailout presidency coming.