I'm here just waiting for everyone to lose their shirts so I can finally afford to buy a house with cash before it turns into Zimbabwe money.
Who has two thumbs and sitting pretty on 2.75% mortgage? This guy.
Oh, you are still screwed. When rates go up, people can't borrow as much money at the high rates. This crashes real estate values because demand plummets. Your home is going to be worth less.
It's great if you are living in the house and don't plan to sell, or plan to rent it out.
We've already seen prices come down by over 10k where I am. But the price of the house basically doubled in in the last 5 years since we bought it so losing 30 or 40k of that isn't going to hit as much. If rates would have stayed down, we'd be renting out this place by now, since rent in this neighborhood is double our mortgage. Even if we contracted out to a prop company, we'd bring in money if it rents 3/4 of the year was our calc...
But then rates started to rise, so we decided to hold fast. Glad we did, values are going to drop. I hope they fucking plummet again. I can hold out for another length of time like after 08 to 23. We'd buy a few rentals then.
My first mortgage in 1987 was 8.25% and that was a good deal at the time lol. In other news, bought it for $130, sold it two decades later for $650. Dude who bought it from me was part of the ‘08 bad loans deal. He lost it less than a year later.
Garbage article.
Mortgage rates never hit 8% during the 2008-2010 financial collapse commonly referred to as the "great recession".
https://fred.stlouisfed.org/series/MORTGAGE30US
The last time they hit 8% was 2000-2001. That was the "dot com bust".
Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Recession
If I had a dollar every time a "could" didn't materialize... I would be bloomberg rich, nigger
Besides nobody said mortgage rates hit 8% "during the 2008-2010 financial collapse commonly referred to as the "great recession". "
“Historically, the mortgage-rate spread has only been around this level only during periods of financial crisis such as the Great Recession or the early 1980s recession,” deRitis added. “The historical average is closer to 175 basis points.” If the 10-year continues to rise — and the U.S. Federal Reserve chooses to interest rates once again — it could go beyond 5%. If the spread stays elevated at 300 basis points, deRitis added, “a mortgage rate of 8% or more is a distinct possibility in the near term
+1 for the fred link, nigger...
Everything is hyper inflated. Bought my house about 7 or 8 years ago and the value is up almost $150k. Even if housing value drops it 50k, I have a free 100k. But since all houses did this, no point buying and selling.
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