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For most of my life mortgage rates were over 6%, so I’m not seeing how this is really all that bad. The end of the free money used to stimulate the economy since the last recession had to come at some point.
Amen. People over 50 have probably had at least one mortgage at well over 5.3%.
In fact, the first one I ever had that low was in 2008…just 14 years ago. For most of my adult life, it was 7% or more.
Adjusting for inflation, what have been the average home prices for most your life?
If today’s buyers didn’t have to pay an arm and a leg for houses compared to pre-2000 rates, let alone a couple years ago, they would gladly take a higher interest rate.
NOT adjusting for inflation, my monthly P+I for a 2 bed/1 bath, 40-year-old house was between $5-600/month. Adjusting for inflation, that would be $1500-1800/month today…which carries a $300K mortgage at 5.3%
For that I got an old 2/1 with aluminum siding, original kitchen cabinets and 1940s Formica countertop, ugly peach-pink bathroom tile, and a leaning 1-car garage, in an okay neighborhood inside the pre-Unigov city limits/IPS school district. A $300K house today is considerably bigger, newer, and nicer.
Tell me again about paying an arm and a leg?