The two local banks I use have all but stopped doing home loans. Most of what they’re carrying is low interest, left over from the liarloan years of Bush43. Throw that in with a whole bunch of over priced local real estate and I don’t blame them for holding back. When home loans hit 8%, and they’re going to, The local market, at least, will be dead-—just like it was after 2008. Few people can handle a mortgage over 8%. Saw it in the early 70’s and we’ll see it again soon. I still have a 2” stack of foreclosure notices from the 08-010 years when something like 2,000 homes went back to the bank.——just in my town.
My very first home (1999) was an 8.0% 30-year fixed-rate, and I considered myself lucky at the time. Starved often, but by God I had a house.
Current home was refinanced a few years ago at 4.5%, and I again considered myself lucky. Still do, in light of the current financial roller-coaster on a broken track.
https://rumble.com/v3ng22e-deprogramming-hillary-clintons-maga-ziner-cult.html
JUMP TO 41 SECONDS AND HEAR HILLARY ‘FUNDAMENTAL CHANGE’ IN 1993
Mom and Pop got a loan that was IIRC about 13% for about a $50K home loan. They’re still in that house. It was in the “sticks” in Northern Virginia back then.