The average rate of a 30-year mortgage topped five percent for the first time in a decade: that could translate to hundreds of dollars more a month. But despite the rising costs, demand for houses remains strong. » Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC
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#Mortgages #HousingMarket #Economy
Home Mortgage Rates Reach Five Percent As Competition Heats Up
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Interest rates are the LEAST problem current homeowners and first time homeowners have been facing for years now. Relying on the “market” is NOT a valid status quo for America. One small sensible step to slow housing prices? BAN homeowners’ associations, and make removing existing HOAs an easier process!! HOAs are a filthy cancer upon the American Dream of home ownership! 🤬 On top of the FACT that HOAs exist as a tool to allow housing discrimination to circumvent Federal anti-discrimination and redlining statutes!
World debts though huh. Nice weapon.
This has been my life for 10 months. Ughhhh
The market needs 8 to 10% rates so it can correct and stabilize. It's getting there with a 10-year bond rising daily they can only hold them at 5% for so long. What most people don't understand is that this is a good thing. If the Fed did not reel in housing prices you would be paying $1 million for a 2000 square foot starter home in a decade. No interest rates are not a good thing long-term for the market. Rate should never get below 8% going forward.
I've seen this movie before in 2005-2006, right before the market crashed and you couldn't give away these houses. I'm just waiting for the sales to take place.
40k! lol, in my area, you have to go 100K over if you are even slightly interested, but if you really want it, be prepared to go 250k over. Ideally, they let you use an escalation clause so you don't pay so much over the market.
I'm so glad I refinanced last year for 2.1%. I bought my house for 345,000 in 2019, now it's going for 500,000.
Maybe folks just have to face the thought of moving to another area where homes are more reasonable. Hint: Try OLD Bullhead City, Arizona. Seriously, you have the Colorado River a mere walking distance away, with nine gambling casinos on the river bank across the river in Laughlin, Nevada, you have four-wheeling in the Black mts. (where gold mines are STILL being mined to this day). Fireworks over the river on the 4th of July is a sight to see. And we’re only 90 miles south of Vegas. Water taxi’s move people from one casino to the other, for those who don’t drive. There’s plenty of water sports (fishing, jet skies, etc.) and the best Springtime in the nation. Most important, PRICES ARE STILL REASONABLE.
Whats going to happen that its become a corporate owned housing system and there will be more renters than homeowners. Since corporations can pay cash for properties and homebuyers will be prices out of market by interest rates. They corporations rent back the homes at price just in reach of families.
My parents have 7%.
This is not accurate, Feb 2022, it's not 5% back then, it's around 3.75%. However, rates climbed so fast. It's ridiculous.
Rates will be at 6% by the end of the year! Adjustable interest rates will come back and it will be the only way you will be able to get a low interest rate and or qualify!!! Adjustable rate mortgages will be low for a couple of years and then go up. If choose to go this route, remember to refinance and get into a fixed mortgage! Adjustable rate mortgages will be at 2%, 3% etc….
Y'all better keep your jobs to get some serious debt. I hope that the market crashes. I don't want people to lose their houses but I want to keep my property taxes low. This is insane.
$310.000 for a house?
$40K over asking only? Here in Canada it's $600K over asking and that's nothing. Average home prices are 1.8 million here so you Americans are extremely lucky.
We bought a brand new built home in Portland Oregon and it was at 2.8% and we moved in March 2022. Make sure you have 20% down! And a little more just to move from all the other sellers. Put yourself in a good position. Keep looking and don’t give up.
I'm happy mortgage rates aren't in the high teens like they were 40 years ago.
The middle class May as well forget buying a home anytime soon. A nation of the rich and the poor. No middle class.
That video of the open house is from a month ago when rates were lower and people were scrambling…
When the US markets talking about recession and housing crash coming as it won’t. That’s not how it works. It’s when you least expect it then crash comes but if everyone is expecting a crash to come which means it will not happen until it gets stopped talked about
Biden did this!
Where is the lawmakers to block investors buying many homes, affecting the ones to buy one home?
I just closed on a place in the Seattle area. Yes, you have to be quick with an offer way over asking. Basically, you have to throw in a free Mercedes if you want your bid to be taken seriously.
Baby boomers caused all this. They have been as selfish and shortsighted as they have been frivolous. The only comfort I take away from these dark times is the fact that baby boomers will suffer the most.
Crash imminent
6% is NOTHING! IT should be Raised to 10% at least! Then SANITY will prevail!
People have been so spoiled by these low rates!! 5-7% was a dream rate back in 70’s 80’s 90’s!
Can't wait to see the house market crash 😂 of 2008
I hope the fed raise it to 10%. Leave the buying to cash buyer. This country is already in a lot of debt.
Pricing out the middle class
Everyone wants a big house in the middle of nowhere, but we all can't live like that. You have a baby? Some people have older kids and teenagers and they are just buying their first home. You have plenty of time to save money for a house, I don't know why there is this huge scramble for houses. Wait 10 years and you will see a rise in affordable housing. People are starting to build houses, people are living their homes for other areas in the sunbelt. You're not doing yourself any favors by looking for a home in this market.
Fake news
😮
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