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Old 09-20-2018, 12:18 PM
exm
 
Location: Long Island, NY
1,620 posts, read 506,154 times
Reputation: 1005

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Quote:
Originally Posted by McGowdog View Post
This.

I'm locked into 2.88% on a 15 year so let em rise!

Got 3.75% on a 30 year (I'm in year 5 of 30). No worries here.


To OP: it's actually a healthy sign that interest rates are rebounding.
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Old 09-20-2018, 12:21 PM
 
24,885 posts, read 11,599,261 times
Reputation: 11620
What folks are missing is that this means that the rich will continue buying up the housing markets, and sucking up wealth through renting at ever higher pricing. There is a reason people like Sean Hannity own over 900 houses. Its because they can see that the future has more and more people renting at higher and higher prices.
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Old 09-20-2018, 12:22 PM
 
38,060 posts, read 15,286,103 times
Reputation: 16803
Quote:
Originally Posted by craigiri View Post
This is of little concern to me (in fact, it's a positive since I am more often on the lending side), but I can't help but wonder how it hits the forgotten man and woman. Stable wages....at most up 1%, yet fuel up 10-20% and interest rates up 30-60%.


As it stands, the housing market in many areas has barely recovered (if that!) from the Great Recession, now this means the average person can afford less...

It looks like the Citibank Plutonomy memo is more true than ever. There is "us" and then there are the rest (most people!).....
You should come to NC. They are building houses here as fast as they can, and where I live if a house goes on the market, a bidding war ensues and the house sells for more than list. There are 300 houses in my neighborhood and there is no house for sale that has been listed for more than 10 days. It's amazing to see.

Interest rates need to go up. Bigly They should have been allowed to up in the late 2000s. We would have avoided the financial crisis. It's a natural point of the economy doing really really well, aside from all the nonsense from cNBC that might say otherwise. Remember 100% of the idiotic pundits on cNBC missed the impending financial collapse of 2008/09. It's a remarkable demonstration of malfeasance by the MSM. Why anyone goes to them now is beyond me.
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Old 09-20-2018, 12:25 PM
 
Location: Just over the horizon
6,406 posts, read 2,257,669 times
Reputation: 3387
Quote:
Originally Posted by Oklazona Bound View Post
The will still do that however they will get a lesser house for the same amount of money.
A lesser (smaller) house may cost less to maintan and taxes will likely be lower too.

There's more to being able to afford a home than making the monthly payments.
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Old 09-20-2018, 12:29 PM
 
Location: Just over the horizon
6,406 posts, read 2,257,669 times
Reputation: 3387
Quote:
Originally Posted by Loveshiscountry View Post
I believe back in the day houses were smaller. When we were kids everything looked larger.
Depends on where you live and how far back in the day you go.

Was a time when families were bigger and houses reflected that.

These homes are still standing in some areas of the country still
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Old 09-20-2018, 12:31 PM
 
Location: The Republic of Texas
60,066 posts, read 30,599,526 times
Reputation: 12813
Quote:
Originally Posted by craigiri View Post
This is of little concern to me (in fact, it's a positive since I am more often on the lending side), but I can't help but wonder how it hits the forgotten man and woman. Stable wages....at most up 1%, yet fuel up 10-20% and interest rates up 30-60%.

I can't imagine a lot of "free income" showing up in the bank accounts of the masses.
https://www.cnbc.com/2018/09/19/week...ions-rise.html

As it stands, the housing market in many areas has barely recovered (if that!) from the Great Recession, now this means the average person can afford less...

It looks like the Citibank Plutonomy memo is more true than ever. There is "us" and then there are the rest (most people!).....
https://delong.typepad.com/plutonomy-1.pdf





I might actually start seeing a return on my savings account, instead of having to play the stock market.
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Old 09-20-2018, 12:31 PM
 
Location: Just over the horizon
6,406 posts, read 2,257,669 times
Reputation: 3387
Quote:
Originally Posted by bcattwood View Post
Exactly and now more of their payment will go to the bank instead of towards their equity in the home. I'm sure somebody will be along to explain how that is actually a good thing though.
Because when people buy houses they cannot afford, eventually they default on their loans...... and then they have to be bailed out......

Sound familiar?
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Old 09-20-2018, 12:40 PM
 
809 posts, read 309,110 times
Reputation: 1102
Quote:
Originally Posted by middle-aged mom View Post
I carried a 16.5% mortgage on my first house.

The monthly P&I payment on that same property today is less than what I was paying 37 years ago, despite the market value increasing 4- fold.



Middle-aged mom: Our age is indeed showing. My adult children's eyes glaze over when I try to tell them the elated feeling my husband and I had on one relocation. It was the time we were doing cartwheels because we found a builder who was offering an 11 1/4 % rate, when the average in the country was 14%.
And one of those so called children is married to a RE broker. They don't believe or understand.
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Old 09-20-2018, 12:47 PM
 
Location: Austin
11,027 posts, read 6,212,441 times
Reputation: 11919
My mortgage rate was 14% with a 10 year balloon payment on my first condo in the mid 1980s.

mortgage rates have been very, very low for several decades.
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Old 09-20-2018, 01:28 PM
 
Location: AZ
959 posts, read 163,149 times
Reputation: 438
Quote:
Originally Posted by BentBow View Post
I might actually start seeing a return on my savings account, instead of having to play the stock market.
Lol, but of course.
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