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.

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…

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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