Mortgage rates have seen a steep increase — more than doubling over the past two years. The rise has left homeowners eager to upgrade unable to afford a move, and locked into their current homes. NBC News’ Emilie Ikeda has more on the conundrum that’s leaving many Americans priced out.
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#NBCNews #Mortgage #Homeownership
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People want to much 😅
What high interest rate, I bought my first home in 1990 at 8.5% and that was considered low
4-5 bedrooms for 3 people? American greed thats all. Can't have pity for those type of people. Also, there seems to be no shortage of homes in Texas. Perfect for first time home buyers. Only thing is, the interest rates, so then you're back where you started.
Wait. Want bigger nicer house. But can’t afford extra $500 per month ? Don’t think they could afford that home with their current mortgage rate.
With all due respect, if this couple couldn’t afford the house they have with a higher interest rate, than moving up to a much larger property is “pie in the sky” at best! These folks should be HAPPY higher interest rates are here as it appears to be keeping them from doing something stupid! Sometimes it’s better to be lucky than good…….😂
But we need to keep printing money to accommodate all the leaches that want handouts
Don’t do it. Be frugal
This means either prices are going to continue their downward trends MORE intensely, or there's going to be hundred of thousands unemployed realtors. Many with college loan repayments starting back up in October. Deal with it.
This whole situation is creating a major wealth disparity in the US. American dream is dead. Fed kept on buying the mortgage securities though it was not required. Builders kept on maintaining the inventory low. Banks and lenders provided free money at a fixed low interest rate for 30 years. All the home owners are happy with their mortgage rates and are not Willing to sell their homes. Who is responsible for this situation? You can’t blame the builders because they do business for profits, you can’t blame the home owners because they just used the opportunity provided to them. Banks are some what to blame, in this country, they do operate for profits but they do have responsibility for the public and strengthen the country, they are lets say 25% responsible. The major culprit was fed who kept on buying the mortgage backed securities though not needed. Fed was so irresponsible. Government was and is as usual useless, blind, and sleepy. Absolutely no one to save the new buyers and no one to resolve this problem. This problem was unnecessarily created by the fed, lenders, and home builders.
When current home owners start losing their jobs. You can no longer make your mortgage payment no matter what interest-rate you purchase it at. Everyone also has two automobile payments at $1500 a month each plus insurance. higher electric bill payments. Higher fuel costs for your two automobiles. Higher groceries for all of your family. Reality comes quickly from all directions.
Been wanting to refinance my house for a lower mortgage than what i pay which is close to $1400 but until these interest rates lower ill stick with my $1400 a month 😂
You want all that space, but you don’t need it.
we need to send more money to ukraine
Welcome to the liberal world. Remember to thank a Democrat for screwing the American people. Biden administration is absolutely are criminal s
A higher Mortgage Rate is OK but Higher prices dollars 200 more than 3 years ago are the key problem because with a higher rate, I can refinance later
BS! 3% requires $4.22 per thousand on a 30 year fixed rate. The problem isn't a 3% increase in mortgage rates it is the artificial inflated value, that's a dream come true for builders, landlords and Realtors, all basing their earnings from the market values. Purchases by corporate buyers have also inflated values, raising rents increases the value of a home as an investment. There lies the problem. Solution; stop paying inflated values, if you must have more room, consider an addition with a home equity loan or refinance a much smaller principle amount.
People keep blaming higher mortgage rates but they could also LOWER the asking price for homes as well.
They are keeping up with the Joneses. I really don't see it necessary for them to upgrade. They have a home at a good rate.
It's not just mortgage rates….the selling prices of houses are insane. I'm not sure why people are paying 50-100k over what the house is actually worth. Seems like a dumb move, you'll never recoup that money. I am a first time home-buyer and I've had to stay with my parents because that is happening to every house in my area, it's insane. I see 1100 sq ft ranch homes go for close to 300k.
why need a 4br? and buy when u cannot afford. I dunno why americans have this kind of big house mentality? they got lucky having that low rate,
When my parents bought our home we stayed there from when I was in 1st grade through the middle of my Senior year when I moved out. My mom lived there until she died there, in my old bedroom. When we moved into that house it was a 3 bed one bath. We added 2 bedrooms and a bath as our family grew. We didn't move to a bigger house, we were settled, we had history in that house. friends in schools/church.
The problem today is how people see a house as an investment not as a HOME. So they are constantly trying to keep up with the Jones's on TV. All those giant 2 story wannabe McMansions built butt to butt in a culdsac of look alike boxes with no fenced yards or privacy. All because of Home Improvement and Extreme Home Makeover shows.
I bought my first home in my 40's, for cash. I'm nevermoving at almost 70 I'' be in the same house, in Hawaii until I die here. I'd NEVER move.
Unless the lava comes, and I have a spare house on wheels I built in the garage just in case. It could be because we had 8 kids and built onto our house as a kid I learn all my building skills BEFORE I was in HS. Woodshop in Jr.HS was remedial.
Moral of the story? Live within your means, SAVE, don't loan to own. Save, don't borrow. Borrowing is a suckers game, loan sharks work in banks too.
USURY % is a jewish invention to hold back the Goy.
I use no credit, I have no debt, no mortage, no bills.
So I speak from experience. Think about building a house. I built my first one when I was 19, by myself.
Live within your means. Add a room, like we did.
They need to stay and save.
They already have a home what about the millions of first time homebuyers who can’t earn equity and can’t start their life they have a baby I can’t do that in an apartment
We call it as renewed investments on backchain of right resources' exploration. As the Asset resale needs to find its place out of Asset Bubbles. This would give right impetus for reindustrialization and restructuring of American Economy. The Industry would spread across all of States more or less from Coast to Coast because of availability of Human Capital.
"I want 4-5 bedrooms with a finished basement"
And I want 12-15 bedrooms and with a Pacific ocean view"……… but Im pretty thats not gonna happen cuz I cant afford it!!! Live within your means people!!! Geeeees!
What is this story that has been run re-run, re-re-run, it's like there is no news nowadays
Buying a house has sucked since 2019 and it’s only gotten worse. What’s normal about home prices increasing by 40% over 48 months?
Thankful for my home. I ain’t going nowhere 🤘🏿
I have the same interest & the same mixed feelings.
“4-5 bedrooms” is when I stopped caring about anything these people had to say and why I don’t feel sorry for so many people who bought way more house than they ever needed and now realize they don’t need all that space and can’t afford it. Americans are having less babies than ever yet everybody wants big homes? It’s all backwards.
They are already homeowners in this economy and they just want upgrade.. want not need. FFS, 3 bedroom 1 bath house not cutting it for family of 3.
why such a big home just do their kids can live in luxury and never move out
Banks are under no legal obligation to help homeowners refinance. So when rates were at a record low, they should have limited the number of refinancing contracts in play. That way people would be forced to sell and buy a new home to achieve a lower rate, keeping the market moving
As I watch from the side line thinking. How lucky they are to have a house. 😐. Right when I had just enough funds houses and interest both shot up. Now I got to save more but guess what. Rent a lot went up 😑. FML.
Dag.
Why need and I quote "need" 4 to 5 bedrooms???? Thats insane. You have a perfectly good home
The counter to high interest rates is supposed to be lower sale prices. Even a double digit rate is affordable if the home is only 2 or 3 times your annual income. So much for supply and demand.
Everyone is underwater on their overpriced car loans as well when the prices were high.
Not moving anywhere for the next 30 years😅! I locked in at 2.8%
This is all "blame the government" BS. Private investors bought up 25% of the market to flip to rentals. The interest rate hikes would be bearable if the market wasn't being eaten alive by the greedy and well-off.
you will never own the land you will never own the home all you are is a land tax payer you just bought the rights to be on the land lol the day you stop paying taxes they kick you off the land
They're the lucky ones… they own a home already.
buy a sail boat