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Post by Dutch on Apr 26, 2024 13:40:12 GMT -5
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Post by bushmaster on Apr 26, 2024 14:26:30 GMT -5
I like the 2.25% rate I got 5 years ago myself. That 7% might double. That why people are buying. Got to live somewhere.
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Post by rusty on Apr 26, 2024 14:33:32 GMT -5
7% Use to not be so bad. Interest rates were too low for too long.
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Post by jwk on Apr 26, 2024 14:37:00 GMT -5
I think our first house was 11 or 12%.
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Post by davet on Apr 26, 2024 14:41:46 GMT -5
My SIL and Daughter are buying another house. They have another one on the way and the current home will be cramped. They found a nice home with a VA assumable mortgage at 2.5%.
Deal!!
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Post by bake545 on Apr 26, 2024 14:57:39 GMT -5
7% Use to not be so bad. Interest rates were too low for too long. 7% wasn't bad when housing prices were significantly lower. Now, not so much. I do agree rates were kept low far too long. |
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Post by rusty on Apr 26, 2024 15:25:45 GMT -5
Monthly rents have gone up so much since covid that anyone with a down payment often finds that they could pay less per month to own a home-if they can find one.
Something that should be of concern are the companies that are buying up homes with cash as soon as they come on the market in an attempt to control home prices in many neighborhoods.
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Post by davet on Apr 26, 2024 16:06:58 GMT -5
Way back in time.....when my wife and I were looking to buy our first home, in order to buy a house the requirement was 25% down, and mortgage rates IIRC were like 18%. Maybe more like 12%.....but I know it was outrageous.
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Post by CoureurDeBois on Apr 26, 2024 17:00:22 GMT -5
When I built my house in 1975 my loan was 9.5%.
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Post by rusty on Apr 26, 2024 17:09:52 GMT -5
I bought my first house in 1986 and the variable rate mortgage rate was 12.5%. I think it went down every years for the 7 years it took me to pay it off.
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Post by Dutch on Apr 26, 2024 21:03:02 GMT -5
7% Use to not be so bad. Interest rates were too low for too long. Both my mortgages were in the 7s, five years apart |
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Post by Dutch on Apr 26, 2024 21:05:43 GMT -5
I bought my first house in 1986 and the variable rate mortgage rate was 12.5%. I think it went down every years for the 7 years it took me to pay it off. Those variable rate loans scare the crap outta me. Worked out for you, but you were young and dumb. 😂 |
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Post by Dutch on Apr 26, 2024 21:06:59 GMT -5
7% Use to not be so bad. Interest rates were too low for too long. 7% wasn't bad when housing prices were significantly lower. Now, not so much. I do agree rates were kept low far too long. It's going to take a while for things to level out. They will, just not right now. |
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Post by davet on Apr 27, 2024 6:12:41 GMT -5
I'll just add this onto this existing thread...... thehill.com/business/4624880-trump-second-term-fed-powell-potential-plan/“There are plenty of people in the markets who would like to see Trump be president again. I don’t think there are plenty of people in the markets who would like to see Trump be de facto Fed chair.”The Republicans are crafting legislation that would limit the Federal Reserve's power and allow replacement of the Chair by the president. Trump loves this as all he wish's to do is keep interest rates down. Trump is no economist but loves low rates. (As we all do....only when borrowing.....not when buying a CD). The purpose of the FED is to be independent and push the economy in the right direction. Getting a politician involved can never be good. |
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Post by Dutch on Apr 27, 2024 7:43:17 GMT -5
I agree. It's like allowing wildlife management to be run by politicians
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Post by rusty on Apr 27, 2024 10:58:58 GMT -5
I bought my first house in 1986 and the variable rate mortgage rate was 12.5%. I think it went down every years for the 7 years it took me to pay it off. Those variable rate loans scare the crap outta me. Worked out for you, but you were young and dumb. 😂 It was my first house I was young, dumb, poor, and scared to death of debt. Good thing I was healthy, stubborn and hard working enough to work second and even third jobs. I taught adult classes two nights a week and did small carpentry jobs any time I could. |
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Post by Dutch on Apr 27, 2024 12:45:23 GMT -5
Those variable rate loans scare the crap outta me. Worked out for you, but you were young and dumb. 😂 It was my first house I was young, dumb, poor, and scared to death of debt. Good thing I was healthy, stubborn and hard working enough to work second and even third jobs. I taught adult classes two nights a week and did small carpentry jobs any time I could. Where there's a will, there's a way! 👍 Those weren't easy times |
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Post by Dutch on Apr 27, 2024 12:49:08 GMT -5
I'll just add this onto this existing thread...... thehill.com/business/4624880-trump-second-term-fed-powell-potential-plan/“There are plenty of people in the markets who would like to see Trump be president again. I don’t think there are plenty of people in the markets who would like to see Trump be de facto Fed chair.”The Republicans are crafting legislation that would limit the Federal Reserve's power and allow replacement of the Chair by the president. Trump loves this as all he wish's to do is keep interest rates down. Trump is no economist but loves low rates. (As we all do....only when borrowing.....not when buying a CD). The purpose of the FED is to be independent and push the economy in the right direction. Getting a politician involved can never be good. So many of my far right friends advocate for abolishing the Fed, like the Fed is the cause of our problems? |
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Post by davet on Apr 27, 2024 15:31:06 GMT -5
I'll just add this onto this existing thread...... thehill.com/business/4624880-trump-second-term-fed-powell-potential-plan/“There are plenty of people in the markets who would like to see Trump be president again. I don’t think there are plenty of people in the markets who would like to see Trump be de facto Fed chair.”The Republicans are crafting legislation that would limit the Federal Reserve's power and allow replacement of the Chair by the president. Trump loves this as all he wish's to do is keep interest rates down. Trump is no economist but loves low rates. (As we all do....only when borrowing.....not when buying a CD). The purpose of the FED is to be independent and push the economy in the right direction. Getting a politician involved can never be good. So many of my far right friends advocate for abolishing the Fed, like the Fed is the cause of our problems? There’s a fundamental misunderstanding of what the Fed and central banking does and how it works. I had a great Econ professor in college. Took 2 semesters and that barely scratched the surface. |
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Post by fleroo on Apr 29, 2024 8:27:07 GMT -5
Hey, that about describes me back then. I worked most warm months in carpentry/roofing, and worked in adult film 2 nights a week.
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Post by Dutch on Apr 29, 2024 11:22:25 GMT -5
Hey, that about describes me back then. I worked most warm months in carpentry/roofing, and worked in adult film 2 nights a week. With Stormy? 🙂 |
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Post by fleroo on Apr 29, 2024 12:48:16 GMT -5
Actually no. It's sunny and HOT! Possible storms tomorrow though ?
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