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For the week ending today 11/23, mortgage rates hit 4.03% for 30 yr fixed mortgage loans.
The benchmark 30-year fixed-rate mortgage last topped 4% in the December 31, 2015 week. Rates have held around 3.50% for most of the year, but have surged in the weeks since the U.S. presidential election.
I suppose it most matters what the rate is in the Spring, when there are more home sales.
I'm fully expecting a rate hike in December. Too many positive economic signs overall for them not to do it (unless that somehow changes between now and then). Luckily I locked in at 3.25% on a 30-year VA when I bought my house earlier this year.
For the week ending today 11/23, mortgage rates hit 4.03% for 30 yr fixed mortgage loans.
The benchmark 30-year fixed-rate mortgage last topped 4% in the December 31, 2015 week. Rates have held around 3.50% for most of the year, but have surged in the weeks since the U.S. presidential election.
I suppose it most matters what the rate is in the Spring, when there are more home sales.
Higher interest rates will crush this fake housing recovery and overinflated housing prices. Here is what is coming. Interest rates rise - perhaps even the FED actually does raise rates in December, arguing inflation through economic recovery is a FACT - and the world 'suddenly gets crushed with a Great Depression it has been avoiding since 2001 with the lower interest rate medicine. Defaults escalate, bankruptcies run wild and we get our reality check and wake up from this ZIRP illusion created by the Fed.
An honest politican would say to the American (and global public): "There can be no economic growth until we get rid of most of this global debt." Politicians don't say that. Who is going to vote for someone promising a Depression? Now that Trump won we can only hope that he will do the right thing and force the Fed to give us the REAL but VERY PAINFUL MEDICINE = AUSTERITY!!!!!!
Well that also means fake and overinflated housing prices + rents will collapse 50% -70% all over the country. Time to deflate this housing bubble 2.0.
........Luckily I locked in at 3.25% on a 30-year VA when I bought my house earlier this year.
You are NOT lucky at all, you actually made a huge financial mistake and financial suicide. You took a low interest rates mortgage on overpriced house in speculative market = Phoenix. When interest rates go up your house value is going to deflate.
Why would you take a mortgage @ 3.25% for 30 years when you know that interest rates can't go any lower and are actually going higher??????????????? When buying a house the goal is to lock LOW PURCHASING PRICE and not low interest rate. It is better to buy a house when interest rates are higher then when interest rates are low. You will secure low purchasing price because when interest rates are high purchasing price is lower. Then when interest rates are lowered again you finance and lower your payment + gain some home equity. You did everything wrong, you were lured by low interest rates and you signed a mortgage for overinflated and overpriced house.
Higher interest rates will crush this fake housing recovery and overinflated housing prices. Here is what is coming. Interest rates rise - perhaps even the FED actually does raise rates in December, arguing inflation through economic recovery is a FACT - and the world 'suddenly gets crushed with a Great Depression it has been avoiding since 2001 with the lower interest rate medicine. Defaults escalate, bankruptcies run wild and we get our reality check and wake up from this ZIRP illusion created by the Fed.
An honest politican would say to the American (and global public): "There can be no economic growth until we get rid of most of this global debt." Politicians don't say that. Who is going to vote for someone promising a Depression? Now that Trump won we can only hope that he will do the right thing and force the Fed to give us the REAL but VERY PAINFUL MEDICINE = AUSTERITY!!!!!!
Well that also means fake and overinflated housing prices + rents will collapse 50% -70% all over the country. Time to deflate this housing bubble 2.0.
there is near zero correlation between mortgage rates and housing prices . in fact the best appreciation has been in the 6-7% range when the economy is humming . it takes much much higher rates to hurt housing . housing is effected by far more than just rates .
in fact rising rates have helped housing as the old we better buy know before we can afford even less house kicks in .
real estate is local and not all areas are seeing a boom or even a recovery . in fact the 2nd home we had in PA that we sold in 2012 was just resold again this year for 60k less then we sold it for .
Last edited by mathjak107; 11-23-2016 at 01:24 PM..
there is near zero correlation between mortgage rates and housing prices . in fact the best appreciation has been in the 6-7% range when the economy is humming . it takes much much higher rates to hurt housing .
in fact rising rates have helped housing as the old we better buy know before we can afford even less house kicks in .
you predictive powers seem to be lacking lately real estate is local and not all areas are seeing boom . in fact the 2nd home we had in PA THAT WE SOLD IN 2012 WAS JUST RESOLD AGAIN IN JANUARY FOR 60K LESS
This fake housing recovery and overinflated housing prices in desert cities like Phoenix or Las Vegas you can deflate to 2009 price levels in a matter of months. Just watch what happens to this phony ZIRP induced housing recovery if mortgage rates go above 5% in near term. Same thing goes with overinflated stock market if rates are rased and Fed tightens their monetary policy.
What you witnessed since 2008 is not a recovery of any kind, but a massive manipulation of interest rates, and massive theft of public money. Higher rates will trigger default cascade in housing again that the FED has been dreading, which is why they spent trillions to keep interest rates down.
it does not change the fact that an increase in rates does not mean a thing as far as prices on homes going up or down .
You are wrong, higher interest rates always mean lower housing prices, always!!!!!!!!!
That example about your property selling for 60K less this year is due to location, possible neighborhood deterioration, realization that this so called recovery is phony and fake, no real jobs created since 2012 besides waiters and bartenders, no real jobs and salaries to support overinflated real estate.
I suggest you go investigate that statement , you may want to rethink that . it is wrong !
there is little correlation between home prices falling and rates rising . not until you get way high. it is no better than a coin toss . all the other factors effect things more than the rates do .
Home prices are subject to supply and demand in local markets, and demand goes up with jobs. This is not a magic nationwide market like the TV reporters with housing statistics lead people to believe.
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