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re: The average 30-year fixed mortgage rate jumps to 7.50%
Posted on 4/16/24 at 2:23 pm to DarthRebel
Posted on 4/16/24 at 2:23 pm to DarthRebel
the foreign companies and individuals buying up property is the biggest factor in rising house prices over the last 10yrs. You take them out of the market and we will see a market correction. Then people will start complaining on how their house is now worth 25% less then what they paid for it. The housing market is a racket that has been corrupted for years and no one really wants to fix it. 20yrs in the mortgage business has taught me this.
1
Posted on 4/16/24 at 2:25 pm to BuckyCheese
quote:
The rates we've had for over ten years were ridiculously low.
Way too low.
Same with unemployment. Full employment should be 5-6%, not 3%
Theyre not trying to fix the economy, theyre just trying to win elections.
Posted on 4/16/24 at 2:25 pm to Ag Zwin
quote:
I don’t have a strong opinion either way. I’m just interested in the thought process.
i'm a libertarian and a capitalist, but not an idiot libertarian or capitalist at all cost to where i think it's better for a corporation/government to create a permanent renting class than encouraging home ownership.
like most things, i want as little government involvement as possible, but it's ok to say "hey, you're hurting more people than you're helping."
Posted on 4/16/24 at 2:28 pm to StayStrapped
If course it is when all of DC is intentionally letting 10s of millions of illegal aliens into this country. Deplete the housing inventory, thrown the US Veterans into the streets and put illegals into $500.night luxury hotels in NYC.
Posted on 4/16/24 at 2:31 pm to Allister Fiend
7.50% with current prices is just insane.
Posted on 4/16/24 at 2:37 pm to tketaco
quote:
am never gonna refinance am i?
I thought 3.25 was high when we moved in 2021. Looking great now
Posted on 4/16/24 at 2:42 pm to Allister Fiend
quote:
Word is once rates drop 2% points the market going to go nuts with no supply. Values are expected to soar.
People will down vote you but you are right. I'd rather buy now at 7.5 and be able to refi then try to buy in a frenzy environment which is what would happen with a significant rate drop. Tons of people sitting on sidelines waiting for any drop. It will be back to paying over asking, waiving inspections, etc.
Posted on 4/16/24 at 2:43 pm to BuckyCheese
quote:
The rates we've had for over ten years were ridiculously low.
They were fine until we printed half the money in circulation in response to Covid.
Posted on 4/16/24 at 2:43 pm to 3nOut
quote:
i'm a libertarian and a capitalist, but not an idiot libertarian or capitalist at all cost to where i think it's better for a corporation/government to create a permanent renting class than encouraging home ownership.
Fair enough.
Devil's advocate: If we had a finite supply of houses, then the scarcity argument would back up this logic. As it is, though, and assuming construction costs are less impacted by corporate ownership, then why does the option of building your own home not mitigate the risk?
Posted on 4/16/24 at 2:43 pm to stout
There will never be a better time to buy than now. When rates start dropping measurably, demand is going to rise and with little supply, the prices will escalate.
You can always refinance when rates starts dropping
You can always refinance when rates starts dropping
This post was edited on 4/16/24 at 2:45 pm
Posted on 4/16/24 at 2:45 pm to RogerTheShrubber
quote:
Same with unemployment. Full employment should be 5-6%, not 3%
We aren’t anywhere close to that, they just cook the books by excluding people. Labor participation needs to go up for us to be anywhere near a real full employment target.
Posted on 4/16/24 at 2:47 pm to wutangfinancial
quote:
Meanwhile housing starts crashed to the lowest levels since the Covid response
August of 2023 was lower.
Posted on 4/16/24 at 2:50 pm to DarthRebel
Bought mine and my ex sold hers. Mine appraised for 30k than I paid when I get it appraised to buy it. She sold hers for damn near double what she paid.
Posted on 4/16/24 at 2:54 pm to AmishSamurai
quote:
It's going higher. Think Carter and Reagan eras .
I can't dispute that circa '82 was when Reagan was in office, but it's a bit misleading to place Reagan in the same sentence with Carter vis-a-vis High mortgage rates. Carter's was self inflicted, Reagan and Volcker was by necessity having to clean up the Redneck's mess.
Posted on 4/16/24 at 3:00 pm to AmishSamurai
quote:
Feel for the cats born into this shitshow... but the genx /gen z/ miillineals who continue to vote for these policies ... not so much
We lived in a used mobile home for the first two years, then a plain jane house for the next two, then started building. No one does that anymore.
Posted on 4/16/24 at 3:01 pm to Ag Zwin
quote:
As it is, though, and assuming construction costs are less impacted by corporate ownership,
that's big ask in a big vacuum.
we remodeled and refinanced during covid. numerous crews just didn't show up or walked off the job because Lennar or KB homes offered them 30 homes of work instead of my contractors 1 off. we had to go back out to bid for 3 different crews because they said screw it to the local contractor for the box store.
in the same vacuum, the local contractor should have said "F you out of town box store tract homes builders that are going to just sell these to an out of town investor who's going to rent it out forever. i'm going to go work for this local contractor to rebuild a local house with a local family."
i'll shite in one and and wish in the other.
guess what? all those homes turned into rentals.
Posted on 4/16/24 at 3:02 pm to tketaco
quote:
I am never gonna refinance am i?
Not anytime soon. Hope you locked in 2-3%.
Posted on 4/16/24 at 3:04 pm to Henry Jones Jr
quote:Why are they paying above asking price (unless that's the real market clearing price)?
Because it’s unfair to regular citizens to try and buy a house with a loan only to have a corporation come in and pay $50,000 over asking price and in cash.
Anyone that says this isn’t common enough to be an issue is a moron. There are 3 houses in my neighborhood alone that situation happened on. And two buddies that sold their houses sold to corporations that offered cash and well above asking price
Your scenario makes no sense.
In any event, "corporations" own an exceedingly tiny share of houses.
Posted on 4/16/24 at 3:04 pm to AmishSamurai
quote:
It's going higher. Think Carter and Reagan eras ...
If we were calculating CPI the same way we were in 1980, the inflation we saw last year would have topped the inflation from back then. With that, we're still likely closer to 5% than 2%
Posted on 4/16/24 at 3:05 pm to stout
He’s jacking up rates to stem inflation. And jacking himself off to his own money printing, which leads to more inflation.
He should lock himself in a small room with a humidifier and a dehumidifier and let them battle.
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