re: NY FED survey: Americans expect mortgage rates to rise to nearly 10% in the next three yrs

quote:

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Anyone that takes financial advice from a high school graduate, at best, who passed a real estate exam deserves all the pain coming to them.

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I understand the personal responsibility point you are making but because I work with first time homebuyers on a daily basis, I’m going to gently push back.

Many of these people, particularly black people and young people lack ANY personal finance knowledge. They don’t understand interest rates. They don’t understand early payoff. They don’t understand escrow. They don’t understand credit scores and cost of ownership.

These people believe the “ experts “. They are amazingly susceptible to suggestion. Realtors have an ethical duty to cut the blue sky bullshite and let buyers know that interest rates may go up for the indefinite future.