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Old 12-11-2018, 12:55 PM
 
Location: Chicago area
8,237 posts, read 12,587,853 times
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I got a mortgage in October and I was pretty much perfect 800 credit score no debt house well within my affordability range and chose 4.25 15 year fixed over 4.89 30 year fixed.
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Old 12-12-2018, 02:56 PM
 
2,051 posts, read 3,378,467 times
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A neighbor is a Realtor and sold our youngest his house in Summer 2014. The son sold this house in April 2018 for a $45K profit, using a HS friend as his Realtor since the neighbor is phasing out into retirement #2. The neighbor stopped us last week and said prices for my son's recently former neighborhood have jumped another $50K since April!


My guess is that rising interest rates have pushed the sideline sitters of home ownership into buying mode. These rapid price jumps will likely be temporary with prices dropping after this group of buyers is sated.
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Old 12-13-2018, 12:56 PM
 
Location: Boston
5,461 posts, read 1,589,548 times
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mortgages shouldn't be below 5%, bad for the economy.
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Old 12-13-2018, 01:13 PM
 
66,180 posts, read 67,374,481 times
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glad your breadth of knowledge and experience came to that conclusion . i suggest you propose it to the fed
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Old 12-14-2018, 11:42 PM
 
Location: California
29,758 posts, read 32,265,734 times
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Higher interest rates on mortgages = higher interest rates on savings. It's better that way than low mortgage rates for a few people rich enough to afford the ridiculous prices while nobody else is even encouraged to save anything.
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Old 12-15-2018, 03:50 AM
 
66,180 posts, read 67,374,481 times
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rates don't go up in a vacuum . they go up because rates and inflation are joined at the hip ...

higher rates could mean lower real returns for people and higher expenses across the board on all goods and services .

most americans have little savings to get interest on and those who do likely are diversified . 401k performance which is the biggest savings most have do poorly when rates go to high .

most benefit more from lower rates and lower cost of debt service . higher rates are a form of tax on the economy. do you like paying higher taxes ?
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Old Today, 09:45 AM
 
4,576 posts, read 11,639,088 times
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Quote:
Originally Posted by Ceece View Post
Higher interest rates on mortgages = higher interest rates on savings. It's better that way than low mortgage rates for a few people rich enough to afford the ridiculous prices while nobody else is even encouraged to save anything.
Only "a few rich people" own buy homes by taking out home loans??
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