[HN] Middle class homebuyers taking $7k mortgages planning to later refinance down
[HN] Middle class homebuyers taking $7k mortgages planning to later refinance down
fortune.com Middle class homebuyers are taking on $7,000 mortgages with plans to later refinance down
The U.S. housing market firmed up this year. One reason being that buyers jumped in assuming they'll be able to refinance to a lower rate in the near future.
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As a lender myself, I’m equally surprised when I break news of a $4500/mo quote and they expected more. Now, there are ways to combat high rates with solutions like 2/1 temporary buydowns, but I always caution it may take longer than that for rates to come down to the 5’s.