The 30-year mortgage rate hits 7.48%, the highest level since 2000
The 30-year mortgage rate hits 7.48%, the highest level since 2000
Mortgage interest rates have nearly tripled in the span of just a couple of years amid inflation fears and strong economic growth.
Mortgage interest rates have nearly tripled in the span of just a couple of years amid inflation fears and strong economic growth.
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How does this make housing more affordable for the growing population?
In theory prices should go down as a result but the market is just like "lmao".
The opposite is happening. Everyone with a 2-4ish% mortgage is holding onto it for dear life so supply is super low which is causing housing prices to continue to climb. Can't blame those homeowners. Even if you sell your house for some inflated amount, you need to buy too and then you're stuck with a shifty mortgage rate.
Yeah there was an article that said national averages are down or slowing and maybe in the midwest but where I'm at a house purchased in early 2021 is evaluated at 30% more than purchase price. Copule that with interest rate rises and refi or buying that property doubles the monthly payment.
This is my position now. Even if I sold I wouldn't be able to afford what's out there right now anyway.
It doesn't. The solution is to start building and the best way to do that is ban zoning.
It doesn't.
It's a byproduct of controlling inflation. The Fed will stop raising rates soon and start lowering them once inflation is under control.
If the fed did nothing, then inflation would continue to be 7+%, which would be equally bad for affordability.