Wow, home mortgage interest rates have hit 6.28%!

[MatureDJ]

30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago

The average rate on the popular 30-year fixed mortgage hit 6.28% Tuesday, according to Mortgage News Daily.

www.cnbc.com

Anyone who had an offer from a few months ago fall through will have to accept about 1/3 less.

 

[DarwinTaurus]

In the scheme of things, that is nothing. During 1990, the last great Recession in Australia, Mortgage rates reached 17%!

I was 13 at the time, I didn't have a true grasp of what was going on, but I do recall seeing news footage of thousands of people lined down the block, hoping for success in a job interview that was for only a couple of positions. Horrible stuff.

I'm just glad during that time, my parents fully owned the family home, and had no outstanding debt.

https://www.ratecity.com.au/home-loans/mortgage-news/28-years-since-rates-17-per-cent-better-off

 

[BackInTheGame78]

30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago

The average rate on the popular 30-year fixed mortgage hit 6.28% Tuesday, according to Mortgage News Daily.

www.cnbc.com

Anyone who had an offer from a few months ago fall through will have to accept about 1/3 less.

People have been so spoiled by the ridiculously low rates...back in the 80s they were 15% or higher...historically these rates are still exceptionally low

 

[Murk]

People have been so spoiled by the ridiculously low rates...back in the 80s they were 15% or higher...historically these rates are still exceptionally low

House prices and mortgages were a lot lower then, it’s much tougher now to buy a home than any time in history

 

[Xenom0rph]

"You will own nothing, and you will be happy."

 

[DarwinTaurus]

"You will own nothing, and you will be happy."

I wonder, will Klaus Schwab and his nefarious ilk, own nothing? I think not. They are the self-appointed technocratic "masters" whose agenda is to implement a version of Global Neo-Feudalism.

 

[Murk]

I wonder, will Klaus Schwab and his nefarious ilk, own nothing? I think not. They are the self-appointed technocratic "masters" whose agenda is to implement a version of Global Neo-Feudalism.

And it's all part of the plan, I think our generation will see this unfold. I've been mentally prepared for this for 15+ years.

 

[DarwinTaurus]

And it's all part of the plan, I think our generation will see this unfold. I've been mentally prepared for this for 15+ years.

As have I. I've been reading about the plans of the Global Elite for nearly two decades. With hindsight, you can see there plans coming to fruition. I don't believe anything that the mainstream media says, in fact, often if they go with a certain narrative, then I often believe that the opposite to be true.

It's like we are through the Looking Glass Alice, and have entered Wonderland... although it ain't that wonderful...

 

[Murk]

As have I. I've been reading about the plans of the Global Elite for nearly two decades. With hindsight, you can see there plans coming to fruition. I don't believe anything that the mainstream media says, in fact, often if they go with a certain narrative, then I often believe that the opposite to be true.

It's like we are through the Looking Glass Alice, and have entered Wonderland... although it ain't that wonderful...

I automatically view mainstream narrative with scepticism, it's all programming, hence I haven't watched TV for 15 years.

The joys in life need to be sought out and embellished, the joys in life that don't pertain to material goods.

 

[DarwinTaurus]

I automatically view mainstream narrative with scepticism, it's all programming, hence I haven't watched TV for 15 years.

My TV died more than 6 months ago, I used to watch Cable TV (Foxtel, in Australia) religiously, especially the news channels. In hindsight, I haven't missed it. I still do check out mainstream news, but treat it like a grain of salt, and always compare it to Alternative News, which I prefer anyway. I've always had a good gut feeling of what is true or not.

 

[RBK]

Still a lack of inventory, but yes this should correct the market. It isn't dropping 1/3 though. I bet you see a 5-10% reduction in list prices over the next 12 months. People need somewhere to live. Cost of construction still high which makes resales go up. Rates should never of been 2.5%, this is why homes sold so high. As rates go up, home values go down. It always ebs and flow.

Stock market is in the toilet, gas prices at an all time high, going to see a red wall come election time this fall.

 

[EyeBRollin]

Stock market is in the toilet, gas prices at an all time high, going to see a red wall come election time this fall.

Thanks to poor policy decisions made during the pandemic.

 

[RBK]

Thanks to poor policy decisions made during the pandemic.

Thank the blue politicians who kept everything closed for 12 months and destroyed the small businesses.

 

[jaygreenb]

Thank the blue politicians who kept everything closed for 12 months and destroyed the small businesses.

Hard to determine if it is complete incompetence or this was the plan. Hard to see how this doesn't result in max pain for most.

 

[EyeBRollin]

Thank the blue politicians who kept everything closed for 12 months and destroyed the small businesses.

Hard to determine if it is complete incompetence or this was the plan. Hard to see how this doesn't result in max pain for most.

Who killed the supply chain?

 

[DarwinTaurus]

Who killed the supply chain?

China.

I wouldn't be surprised at the following:

1) COVID-19 was leaked intentionally from the Wuhan Lab
2) Which led to lockdowns within China, which are still ongoing, including major international ports and trade hubs such as Shanghai
3) Which has led to a meltdown of the Global Economy, resulting in commodity shortages, and inflation
4) Given the fact of the long game played by China, especially espoused by the teachings of Sun Tzu, with his "Art of War", it wouldn't surprise me that the above are the first shots in an asymmetrical World War III, which will be fought in unconventional means: Economic, Cyber, etc.

 

[RBK]

China.

I wouldn't be surprised at the following:

1) COVID-19 was leaked intentionally from the Wuhan Lab
2) Which led to lockdowns within China, which are still ongoing, including major international ports and trade hubs such as Shanghai
3) Which has led to a meltdown of the Global Economy, resulting in commodity shortages, and inflation
4) Given the fact of the long game played by China, especially espoused by the teachings of Sun Tzu, with his "Art of War", it wouldn't surprise me that the above are the first shots in an asymmetrical World War III, which will be fought in unconventional means: Economic, Cyber, etc.

Democrats used Covid to get Trump out of office, it was their only card and they played it. Now we have the worst president in the history of the United States who is mentally deficient.

 

[DarwinTaurus]

Democrats used Covid to get Trump out of office, it was their only card and they played it. Now we have the worst president in the history of the United States who is mentally deficient.

This was quite obvious, even half a world away. Look at the tens of thousands that Trump pulled in at his supporter rallies, as compared to senile Biden who hid in his basement.

The Democrat Party has been corrupt for more than a century, going back to the era of Boss Tweed and Tammany Hall. Another example was the political machine of Chicago Mayor Daley, who stuffed the ballot boxes in favour of Kennedy against Nixon. The Democrat Party seems to have captured the voting demographic of dead people.

(apologies if this is getting a little off track from the original post)

 

[MatureDJ]

People have been so spoiled by the ridiculously low rates...back in the 80s they were 15% or higher...historically these rates are still exceptionally low

I remember the mortgage on my first home being 9.25%, and that was a 15-year note. I refinanced with the early '90s recession at a 5.25% 5-year balloon note (it ratcheted up to 7% after that), and then down to a 4% line-of-credit during the post-Y2K recession.

 

[MaleeSince]

It is indeed way harder to buy a house in the modern-day US than it was 30 or 40 years ago. Our parents could afford a house much easier, and they didn’t have to work that much for that. Evidently, the US economy is not in the best place now, and I don’t know who’s to blame.