30 year mortgage now above 6% – dang, I thought I would never see this again

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30-year mortgage has doubled since January thanks to Biden’s “Build Back Better”. I’m sure Biden will figure out how to blame Putin for this.

My first home I purchased in 1991 had a 6% interest I believe. My last home was at 5.85% back in 2004. But going down to just a couple percent, I thought they would NEVER go back up. Do you think it will go back to the latest 80’s where it was 9% or 13%??

These homes for sale will stay at their current price through summer. Then in August or September, you’re going to see some big price cuts in homes for sale.

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Cash is king, later this fall you’re going to see some bargains

Where I live east of seattle, lot’s of Indian’s and Asians were purchasing their first homes at $1.5m and higher. They all are using adjustable rate mortgages… How they passed the credit test is beyond me…

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They all have purchased Tesla’s too… They are maxxed out and the price of tech stock has drop 20% or more…

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When that happened in 2008, a lot of Indian’s just dropped the keys and returned to India…

Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher

  • Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.
  • “Mortgage rates followed Treasury yields up in response to higher-than-expected inflation and anticipation that the Federal Reserve will need to raise rates at a faster pace,” said Joel Kan, an MBA economist.

h/t John Dutton


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