Mortgages rates high at 7.1%
The average rate on a 30-year fixed loan hit 7.1%, according to Freddie Mac. That’s the first time the weekly average has exceeded 7% this year, and a significant jump from last week’s 6.88% mark. A separate index tracking daily rate changes found even bigger swings. The daily average rate on the 30-year fixed mortgage hit 7.43% on Thursday, a steep climb from barely 7% at the beginning of the month, according to Mortgage News Daily. Overall, demand for all mortgage applications are declining— a bit of a slow start to the spring season. This will not end well. #mortgage #housing
Mine is at 7.5%. TC: 105K
And yet, still houses are selling for 10-15% above asking. Imagine that!
“This will not end well” depends on which side of home ownership you sit on. 2-3% rates was and should be an anomaly. The fact that homes aren’t affordable unless we have 2-3% rates on a 30 year mortgage says more that we need to bring down the total cost of the house. Aka build baby build
Yep. This.
One must be absolutely crazy to buy a house now. It’s basically people’s ignorance. Wait till Summer of 2025. Things will be better when Don is here as the president again!
Prices are lower and you can refinance later. It’s not that bad?
So much that you have no/little control over impacts a refi... they're never a sure thing
Buy when you can afford the monthly payments, don’t expect anything from this market. I bought in November 2023 and everybody kept saying “why not wait until the rates drop next year?” Seems like the rates aren’t slowing down at all. Zillow & Redfin already estimate that my home’s value has gone up by $50k since then because everything around me is selling above asking
Doesn’t matter. There will be cuts within 7 years. Just get the best ARM 7/1 deal. You will refinance later anyway
This!
House prices are gonna rocket up. Fantastic news
The crash will go into the history books!
So?
So you need to live in Bot Hell
Nah, I'm not poor, if I wanna buy a house I'll just buy a house.