30 year mortgage now above 6.2%…

Posted by Kane on June 18, 2022 2:45 am

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Chris
Chris

Here comes the Carter era 2.0.

Whatamess
Whatamess

I remember my dad was so happy to get his real estate license in 1979, maybe 1978, unfortunately I can’t ask him now. Anyway I remember him unhappy that interest rates were clear up to like 18%. And who was president then? Jimmy Carter.

Rageaholic
Rageaholic

Meh… I remember when rates were over 8+%. People still bought houses then.. its not like NOBODY ever moves/sells/buys again, until the rates go down.. may take longer to sell, like 3+ months instead of ONE DAY like we have seen lately, but, if you have a good product, (ie: A HOME, not a “house,”), AND A REASONABLE PRICE, good location….someone will buy it…

Whatamess
Whatamess

Our first mortgage was at like 7.75% back in the 90s. We bought a stable house for our family, not a McMansion, no granite countertops, and yet we managed to have many good years and good times there. When interest rates started to change we refinanced at a credit union for 4.25 percent at 7 years. And paid it off.

Trump Mortgage Specialties Inc.
Trump Mortgage Specialties Inc.

Redi’d during the Trump era at 2.5%. Doubling payments to get it paid off in 13 years and be done. No other debt to my name and I plan of keeping that way.

Marie
Marie

Joe killing the real-estate market. As he knows it will not affect inflation.

End
End

Phuck

CECELIA
CECELIA

Sold my house in December at twice what I paid for it.
Downsized and bought a smaller home for cash.
So thankful I no longer have that mortgage on my back.

Reintarnation
Reintarnation

I’m deluged with mail, phone calls and email from outfits wanting to buy my home and it’s probably for the express purpose of turning it into a rental. They are building whole new subdivisions in my area that will be rentals only. I see an instant ghetto in the making.

Phillip cooper
Phillip cooper

Just add aliens . Boom! Ghetto!

Jack Howes
Jack Howes

Don’t give up your home / equity!

Pesquez
Pesquez

Ghetto rentals are paid for by welfare. Another plan to bury America.

Kevin Smith
Kevin Smith

Housing market crash is coming soon…..worse than 2008. Folks it’s going to be bad.

Tobbe
Tobbe

Just your intuition or do you have some actual data to back that up?

gto
gto

He wants to buy your house at a discount so he’s trying to make you believe the price will go down tomorrow if you don’t sell to him today.

Bellwitch
Bellwitch

Sure, there’s always a demand for houses but, someone has to pay for those ‘overpriced’ houses. Kind of hard to do when your money isn’t worth the paper it’s printed on.

Truthbtold
Truthbtold

I live near DC where many neighbors, mostly govt employees, live in newly-built $2M houses. Our tax dollars are working hard to feed and luxuriate those who already have a lot. Take evil-Fauci as an example – the highest paid govt employee, paid more than the president of US. Somethings got to change.

Sam
Sam

People don’t use money printed on paper to buy houses anymore. It’s all electronic nowadays.

Jack
Jack

My 30 yr mortgage in 1992: 7.5% Cry me a river.

SoCalGal
SoCalGal

Mine, too! I remember those days, when everyone kept refinancing as the rates came down.

will montana
will montana

My 30 year mortgage in 1983 14 percent with perfect credit!!

scott
scott

and housing cost was less then 1/3

Bellwitch
Bellwitch

In 1994 mine was a 15 yr. mortgage that was just barely under 7%. Paid it off in about 12 years. Been mortgage FREE for 16. Yeah, CRY me a river too. But, things are different now. Our money isn’t worth what it used to be. Inflation was around 2.67% in 1994. Far cry from 8.5% we see now (and climbing)

Truthbtold
Truthbtold

Yep! The mortgage rates were plunging two years ago. I refinanced 15 yrs at 2%.

scott
scott

housing price in 92?

Whatamess
Whatamess

In 1993, we paid $118,500 for a 3/2, two story, around 1850 square feet. Double lot. Can one even buy a mobile home for that now?

joe
joe

Sure can. Atleast we did. 10 acres for 17 grand, and built a 5000 square foot home from reclaimed materials, all up 35 grand. Learn some skills, how to build and fix, and thisarket means nothing to you.

PStewart
PStewart

I remember when I refinanced for 6% and thought I would never get a rate this low again.

Captain Oblivious
Captain Oblivious

I bought my first house in 1998. My 30 year note on the house was fixed at 6.375%.
I was delighted to get that rate.

BoardCertifiedPhysician
BoardCertifiedPhysician

For a 140-150k nice house. That same house is now 400k

Phil A. Buster
Phil A. Buster

My first mortgage was 9.5% 30 year in 1989.

Nifty
Nifty

We had a 68,000 home on 9.5% mortgage paid 1480 piti. 1240 sft cape cod we walked that mortgage down to 5.5% over ten yrs ended up paying it off. Sold it for 180k. Funny thing is how many folks told us when we first moved in what a mistake buying a home in a recession was and that smart money was on renting. We had real estate attorneys telling us that.

AOC
AOC

Thanks FJB.

AmericaAmazing
AmericaAmazing

NOT TRUE! MUST BE A MISPRINT!
Biden, Harris, Yellen, and their talking parrots on tv guaranteed INFLATION is just “transitory”!
PLEASE CORRECT THE HEADLINE CFP!

No more ClA created wars
No more ClA created wars

Imagine having an ARM loan

Lord Vader
Lord Vader

People are paying an arm and a leg for a house nowadays. FJB.

Sam
Sam

I tried and failed

Yy
Yy

Been in the works…

Learntocode80211
Learntocode80211

Housing crash is coming. About a year later than I thought it would happen but it’s finally here.

Mrbdo
Mrbdo

Based on what?

Captain Oblivious
Captain Oblivious

Florida is immune.

Nifty
Nifty

It’s resistant but not immune… The biggest loss of nationwide housing starts in the cape coral area of Florida down 35% in three weeks.

End
End

Details

Artlessone
Artlessone

My son and his wife are die hard progressives. They are in the process of moving to a better neighborhood, however these interest rate increases might quash that. I warnedThem both this might happen, almost to the point of disintegrating our relationship. The 30 yr has gone from 2.99% to 6.2% in 2 months. They hate Trump and all conservatives. I’m heartbroken for them, however this is a life lesson they have to endure. When I spoke of Jimmy Carter, their eyes glazed over as if I was making history up. My son is an Archeologist.

The Dude
The Dude

And apparently dumber than a box of rocks.

Mrbdo
Mrbdo

They should have gotten on the Trump train years ago.

GLinNY
GLinNY

They can “hate Trump and all conservatives” all they want. As long as they’re on board with Pedo-Joe and the Cackli’ Ho, they can pay the higher rates and still feel good about themselves.

By a “better neighborhood”, are they seeking to get away from the dregs of the ghetto? Because Pedo-Joe is transplanting those into ALL those better neighborhoods. Sometimes we do get what we ask for.

Don’t be heartbroken for them. You taught them well and they “chose” to not listen. America is all about ‘choice’.

Good day to you, Artlessone.

Ballot Box Coup
Ballot Box Coup

Going to need more government/taxpayer salaried jobs

Mrbdo
Mrbdo

Hey that’s me! Of course everyone knows that non-government workers are such effective workers. /s

YukiYukki
YukiYukki

I bought my first home with a 6.5% mortgage (1994) house cost 70k .. The problem isnt the rate..its the house price…

Tommyboy
Tommyboy

It’s both

Killer Rabbit
Killer Rabbit

During Jimmy Carter it was 16%, Joe has a bit to go. I’m sure he’ll make it.

Vartox
Vartox

In one of my Finance classes the Professor did the calculations on his brother who bought a house in Carter years and showed how he paid the principle 3x over. I thought it had to be bullshit but he proved it.

Mrbdo
Mrbdo

Not hard to prove. I’m hoping his brother refinanced.

Petey Wheatsraw
Petey Wheatsraw

Brandon says “Hold my beer”

Fart on Biden
Fart on Biden

Work transferred me. 2.6% last summer. Super inflated housing price still made house barely affordable for a blue collar worker. I sympathize for the people coming in behind me. Rental prices are hardly affordable too. Californians who have moved to the area know that they are responsible for pricing out the local population. They have admitted as much, but said that they couldn’t tolerate being in CA anymore. This. Oldest size town will be the next boise. Sad.

Fart on Biden
Fart on Biden

This modest size town*

Mrbdo
Mrbdo

Cool name. Same situation here in Utah. What state u b n?

End
End

Where?

kicnbac
kicnbac

I did mine at 15 yr. Its now paid off. My payments were only $50 more a month. Helped my daughter for a 15 yr mortgage. The sooner one can get it paid off, the better.

AOC
AOC

well once you lock in the low mortgage rate, inflation turns out to your advantage over time. financing is frozen cost and the inflation increase in your house value is a good thing. until the housing market crashes, you hope not.

Sock Monkey * Ungovernable
Sock Monkey * Ungovernable

Mortgage brokers may need to learn to code.

mtbatman
mtbatman

Goodbye residential building. The good times are over.

Branduhhhhhn
Branduhhhhhn

Nah – the gov can only jack up rates to fight inflation for so long before their corporate overlords demand they stop. The stock market reacts negatively to rising interest rates – keep your eyes on it.

KammiesToeKnows
KammiesToeKnows

I struggled to buy my first home in 1993 after ten years of saving, when interest rates suddenly dropped to 7 percent after two decades of being higher, including in the double digits. I don’t think it has ever been easy.

Steve
Steve

I’ll add to that … many sold homes at markups that blow the mind (buyers are crazy)
many are sitting on the cash proceeds ready to pounce

ben
ben

Looks great on the liberals, but I feel sorry for normal people just trying to raise a family.

NoThanks
NoThanks

Best website to view daily changes is here https://www.mortgagenewsdaily.com/mortgage-rates

Tom Brady is goat
Tom Brady is goat

Insane that it took this long. 6% is still a good rate

Sock Monkey * Ungovernable
Sock Monkey * Ungovernable

Over half the people who were in the market 2 months ago can longer afford it.

Branduhhhhhn
Branduhhhhhn

<3

BoardCertifiedPhysician
BoardCertifiedPhysician

Real monthly payment on US average house of 350k has gone up over 40% or $650 a month in the last 6 months.

Steve
Steve

The Big Short 2022

MD&ME
MD&ME

Glad I paid my house off…

Tjump
Tjump

At least now the savings interest rates will higher.

Pam
Pam

Hahaha!

Fart on Biden
Fart on Biden

3 yr rate was just raised to like 3.25% at my CU. It was 1 and change until this morning.

AOC
AOC

you hope.

TNFLA
TNFLA

Dang that war…….

sunnysideupfarm
sunnysideupfarm

start picking out the curtains for your pod

Branduhhhhhn
Branduhhhhhn

If you have room for curtains in your pod, it’s too large. They’ll have to downgrade you.

Warship Leader
Warship Leader

“… Doubled since January”. Rent rates are already skyrocketing. This should scare the $#*+ out of people.

RWB
RWB

Trust the process – all part of the transition (to Venezuela style living) #turnonyoursarcasmmeter

AskingForMyself
AskingForMyself

key word “should.” But the reality is that it doesn’t. Covid scared the bejesus out of people, but not having a financial future in the greatest country on earth… nah, just give us Netflix and a new Star Wars trilogy and we’re fine.

Pam
Pam

If 40% of the people aren’t paying for their own food…then it would follow 40% aren’t paying for their full housing costs either.

ben
ben

The scary part will also be next year when the bubble crashes and people own a house worth less than when they bought it

rodney dangerfield
rodney dangerfield

i got 2.25 % thanks fauci ………….no respect I’m telling ya
i asked to lock in and she locked me in the basement

Tommyboy
Tommyboy

You think you’re clever- but you’re actually quite economically illiterate. It’s is absolutely stupid to own real estate outright, especially when in the last couple years you could have borrowed at 2.85% on a fixed 30 year loan.
Real estate doesn’t make people rich- the DEBT from real estate makes people rich. Leverage and arbitrage makes you rich, not buildings.

AskingForMyself
AskingForMyself

I disagree. I think owning anything is the best way to go as you’re no longer moved by the shifting sand of the stock market or economy. He will forever have hard assets that will do nothing except increase in value. He can manage them however he wants to make more money while they’re increasing in value. If he owns multiple homes outright, he’s in a better spot than roughly 75% of the country, which means if he’s economically illiterate than the vast majority of Americans are just plain retarded.

Tommyboy
Tommyboy

Most Americans are retarded. 1. Arbitrage- that’s how banks make money.
2. Leverage- that is called real estate investing.

But whatever. Most people will never understand this stuff. A good book version to help people- its like a comic book- but is correct is Rich Dad , Poor Dad.

Trump got rich from leverage and arbitrage.
Good luck

Pam
Pam

With inflation this high I will hold on to our mortgage as long as possible.

Al
Al

My next door neighbor (hoarder, cat collector, democrat freeloader) hasn’t paid his mortgage in two years thanks to all the covid stimulus programs. Pre Covid his house was up for public auction for $150K cash but no one was buying homes. Homes have doubled in price in our area but this loser will be our neighbor forever.

Tommyboy
Tommyboy

Remind him to get all his booster shots for covid- he will be gone within 3 years

Al
Al

Yep he loves his boosters, he promoted the “too soon to reopen” nonsense, easy when you don’t go to work. Funny all my boosted coworkers have been constantly sick and using all their sick time.

Rich
Rich

And here we are like idiots paying our bills!

jorge
jorge

Very savy!!

Michael Taylor
Michael Taylor

Joe Biden’s America… But he will tell you the economy is in good shape.

AskingForMyself
AskingForMyself

from his dining room table with his cup of Joe and warmed cookie, things are just peachy in the land of the free.

AOC
AOC

think of poor Jill changing the pudding filled depends, I love that image…