Hotter inflation numbers came in this morning, 10 year treasury yield spiked, no guarantee of rate cuts this year. Mortgage rates are above 7% again and there’s no guarantee they’ll be below 6% later this year even though realtors will tell you otherwise. Realtors don’t have a crystal ball, they’re just desperate for commission. Avoid any agent saying to buy now and refinance when rates come down later this year. Friendly PSA. Buy a home if you genuinely need it, not because a real estate agent is trying to create a sense of urgency to get your business.
It's OK I buy in cash. Fuck you peasants
Can I get your net worth in inches?
Yeah, we haven’t felt real pain yet. Unemployment still below 4%. This high rate environment is going to drag on longer than most people (and the stock market) are expecting. If the fed actually did start to cut rates in a few months, then the economy would quickly start to overheat again like it did in 2021. Powell is determined to make sure that doesn’t happen. He doesn’t want inflation to take off again. He’s repeatedly said higher for longer, and yet the market and people don’t seem to believe him.
He's going to drop prior to the election so that Biden can claim victory over inflation
Wildcard is the election. Biden and DNC are crazy enough to drop rates if it means the sheep feel better for November election
Agreed. Biden hasn’t bullied the fed the way Trump would, but we’ll see what happens in a few months if layoffs keep happening or get bigger heading into the election.
Yeh but probably after summer…don’t want house inflation to go through the roof again…
Hope they don’t start lowering rates anytime soon. Inflation needs to come down and we need a proper slowdown or else we will be in the same situation again next year.
Agreed. It’s actually kinda nice to earn decent interest on my savings. I’ve built up my savings the past couple years. Content to be patient while we ride through this. Definitely looking forward to hopefully getting back to a normal economy again sometime soon. The past few years have been crazy. Tired of the volatility.
Relax one hot print doesn’t define a trend upwards although have a felling that inflation is bottoming at 3% instead of 2. That’s on Powell for giving green lights to mkt by being a dove after nov meet.
I’m not saying inflation is going to trend higher going forward. Today’s print is signaling to the market that it got ahead of itself with all the rate cuts. We still have a ways to go. Cut too soon and inflation will get hot again
I think inflation will stall out at 3%, And fed will give up on 2%, as 3% is good enough. They can start cutting now, but not so quickly. Just doing little by little should help not speed up inflation
There is no way even the very fake and suppressed inflation number will not skyrocket. War is the most reliable way to ensure inflation. The full effects of Red Sea are not even being felt yet.
What is happening in red sea and what effects are we yet to feel?
Logistical nightmare as ships are more taking the much longer route around Africa. This is just the beginning. More wars will unfold. Inflation really started when China blocked the exporting of inflation from the US.
Opendoor telling people not to buy so that his company can gobble everything up.
They gotta get those exp agents leads some how lol
Usually you can't refinance a mortgage for a year or more anyways (depending on the lender terms), so saying to refinance at every rate drop isn't realistic.
Realtor motto for the past 18+ months: “Date the rate, marry the house.” They’ll tell you not to worry about that massive monthly payment at 7-8% because you’ll be able to refinance it below 5% before you know it. They keep saying lower rates are around the corner. Said it in 2023 too. But there’s no guarantee we’ll be back under 6% anytime soon.
Nah you can refinance anytime
I'm not able to input a custom home value. It only allows for the values in the drop down menu.
Agree 👍 inflation is rampant. Especially in good prices and services industry