They’ll be paid by the folks they voted in. They aren’t as stupid as we think they are…they are stupid but they know what their voting for.
Mortgage Rates north of 7%
- Thread starter Tezz500
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good lord.
I really feel bad for those who are just turning 18 and or just starting out. They didn't ask for any of this and will be nothing but behind for years to come.
Not that they will be buying a house or paying a mortgage right away, just the outlook is not good and they are going to be struggling.
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Not that they will be buying a house or paying a mortgage right away, just the outlook is not good and they are going to be struggling.
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I've been chasing home buying for the last 8 years. Tried early on after the Marines and wasn't making enough. Been paying down debts and getting in a better position and now I'm finally making good money where I was planning to buy and it's out of reach once again. Luckily my gf and I are renting an incredible house at a killer rate and so we'll just ride it out as long as we need until we can eventually get the home we want.
Look for a duplex and rent the other side out. Ride that for a couple of years and move to another and then you have three rented out.
Do you have family there or anything tying you to the area?
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Yes...finally the cost of living is going up and not going to stop anytime soon. Can't wait till the mortgage rate gets higher! Food is high, gas is high and the boat I was looking at went up over $15K in past 12-months. I was way too comfortable putting $$$ away for later and setting myself up for a nice retirement. Who really needs to relax and take time away from work?
This is what the people wanted, right? This is the result of current U.S. leadership.
Remember way back in Jan 2020 when gas was about $2.50 and the inflation rate was under 2% and anyone could afford to purchase a new home? Who really needs that type of security when we should surrender to the GOV and just let them take care of our needs. All I really need is a little bread and cheese to survive and don't mind waiting in line to get it...as long it is free.
This is what the people wanted, right? This is the result of current U.S. leadership.
Remember way back in Jan 2020 when gas was about $2.50 and the inflation rate was under 2% and anyone could afford to purchase a new home? Who really needs that type of security when we should surrender to the GOV and just let them take care of our needs. All I really need is a little bread and cheese to survive and don't mind waiting in line to get it...as long it is free.
Im gonna go ahead and say it....
A large contributor to inflation was the Covid Stimulus BS.... We Printed some serious money and dished it out over the last few years... Its not JUST Biden's fault....
Someone feel free to disprove this.
Don’t disagree and Covid screwed up all kinds of demand patterns. One thing I couldn’t understand with the T man was his constant harping on the FED lowering rates. Seemed to me everything was fine if not a little too hot during this time. I am no monetary policy expert.
Its actually Brilliant politically if you think about it....
If he said no, Raise the Rates and were not doing to Covid BS, Dems would have creamed him AND the Biden Admin would have benefited....
Now, The Biden Admin catches all the blame And Trump has the chance to come back into office and look like a Genius....
Never forget how stupid and uninformed the American Voter truly is.
Yep, agreed. However, when the government tells you that you can’t go to work, they better pay you something. Did we need 3 stimulus bills, no. Trump was buying votes and had the election not been stolen it would have helped.
Hear me out.
The stimulus and money getting thrown around did add fuel to the fire.
But the majority of inflation was because of the global lockdowns... this is a supply side issue.
Demand, while having a brief spike, has remained fairly normal.
We can't hike rates to "get the world to come back together and start working 9/9/6"
The stimulus and money getting thrown around did add fuel to the fire.
But the majority of inflation was because of the global lockdowns... this is a supply side issue.
Demand, while having a brief spike, has remained fairly normal.
We can't hike rates to "get the world to come back together and start working 9/9/6"
On top of all this inflation, rates and gas going up, we're on to a recession, yay!
I have looked for duplexes and the ones in our area that are decent are usually way out of our price range because everything is so expensive here. We'd have to move way out of range of my job to be able to find anything. There was a triplex that went up for sale just down the street from us and it would have been great but they are getting so much money for houses and they go within a day or two. I basically need to get myself in a better position to be able to compete and I'm just not there yet for something like that. I'm putting money away but it seems with inflation my savings is growing at an exponentially slower rate. At my last job where I was making considerably less I was able to put away $20k in my savings in about a year and half. In my current job I'm struggling to get it up to $10k again and I've been building it back up for over a year now. Part of that likely has to do with moving in with my girl and sharing responsibility for the house, but still, my rent is considerably less splitting it with her compared to my apartment. It's hard to explain and figure out because I'm not pulling from my savings and I'm putting away the same amount each month as I did before.
I do still have some family here and my gf's family is mostly here. I want to stay in my current job for at least 2-3 years because of how big of a shop it is and it is a well known, long-standing business so if I can stick it out here and show that my numbers have been consistently strong then I should be able to get my foot in anywhere if I want to move out of state and work for another shop. We've been talking about moving because my girl's family is considering moving too and she wants to be where her sister(s) are so that plays a big roll in it. She works remotely so she can pretty much go anywhere. Marriage is likely in the future for us too so I have to consider her in these decisions. I think a move will happen but it is just a few years off still.
Yep, too much government spending caused all of it, and the spending hasn't exactly changed. I have a bad feeling that the high rates from the late 70s, early 80s will look positively luxurious by the time the Fed gets done.
The wife and I refinanced 23 years remaining on a 30-year at 4.375% to a 15-year at 2.5% two years ago next month. I can't imagine paying 7% on it. Cripes.
The wife and I refinanced 23 years remaining on a 30-year at 4.375% to a 15-year at 2.5% two years ago next month. I can't imagine paying 7% on it. Cripes.
It was THE contributor. Massively increasing demand through monetary and fiscal stimulus + destroying supply through COVID lockdowns is a BRUTAL combination.
Mortgage rates in 1971 were an average of 7.54% in the ‘80’s they were as high as 18%. Everyone was hoping the rates were going to stay below3% forever. We got used to having access to cheap money. Now the pendulum is swinging the other way and everyone that just barely qualified at 3% and now are facing 7% or more are freaking out saying the sky is falling. If you didn’t know that rates could/would go up you were only fooling yourself.
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I believe we are in the beginning of the recession already.
One reason I say this,.........big companies are already laying people off. Not Good.
Ford
FedEx
Wayfair
Just to name a few.
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