Mizake
Trakanon Raider
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Gen X myself, but I know a lot of boomers who refinanced their homes from the horrible rates they were getting from earlier decades.
Home buying thread
- Thread starter Pasteton
- Start date
Gen X myself, but I know a lot of boomers who refinanced their homes from the horrible rates they were getting from earlier decades.
Gravel
Mr. Poopybutthole
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Shit, yeah, didn't think about refinancing. That's definitely true.
That said, the rates in the 2010's were pretty low. Our last house we bought in 2015 and it was like 3.5% or something w/ points. Current one is 2.7% bought in 2021.
That said, the rates in the 2010's were pretty low. Our last house we bought in 2015 and it was like 3.5% or something w/ points. Current one is 2.7% bought in 2021.
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Lanx
<Prior Amod>
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how do i even check my mortgage rate? is it listed on the monthly stub? (it just auto deducts from bank)
i got at most 2.5, but i wanna flex and say i think i got 2.4
Asshat wormie
2023 Asshat Award Winner
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I had a commitment for 2.0% from a credit union and they did everything they could to drag it out so they could cancel it because this was in January right before the rates went up. Bunch of faggots. I personally blame
Sanrith Descartes
because these are people from his neck of the woods.
Sanrith Descartes
because these are people from his neck of the woods.- 1
Sanrith Descartes
Veteran of a thousand threadban wars
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I just got a quote of 5.9% with 50% down and 830+ credit scores. With the down the mortgage isn't large, but it's the idea of paying that rate for a few years that bugs me.I had a commitment for 2.0% from a credit union and they did everything they could to drag it out so they could cancel it because this was in January right before the rates went up. Bunch of faggots. I personally blame
Fucking Obama.
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Asshat wormie
2023 Asshat Award Winner
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Thats pretty ass. That's why no one is selling anything, people don't want to go from their 3% to 6%.
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No kidding. My builder had to offer 4.99 and shave 104k off the asking price.
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nu_11
Golden Baronet of the Realm
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We are still below historical average. The sub 5 isn’t coming back anytime in the next decade.
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Big Phoenix
Pronouns: zie/zhem/zer
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Yes but the income to home price ratio is incredibly fucked up compared to the last time interest rates there 5%+.
Back in 2009 when I tried to buy a house as I was getting out of the military, I was quoted a 5% or so rate, on a $70,000 house. Today that same house would sale for $350k+, with a 6%+ rate. Hell even in the entire Phoenix metro area, what was once one of the most affordable places in the entire US Zillow lists ONE livable single family home under $350k. You start seeing some houses when you go up to 400k, the few available at that price point are mostly way out in the suburbs though. Who are these people who can afford 400k houses in very middle of the road neighborhoods? Even if you put 20% down, youre still looking at close to a 100k income to not struggle in fucking Glendale or Peoria. Insanity.
The price on everything has vastly inflated over the past 4 decades, except income. Really amazing weve been able to keep up with it and not be destroyed by it so far. History is gonna look back and see how horrifically fucked the American was economically post Nixon ditching the gold standard.
At the end of the day this doesnt get resolved without some serious pain in one form or the other.
What I think is really crazy is even in this era of high home prices + increasing rates is builders are still building houses/condos/apartments on every free piece of land around here they can.
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ToeMissile
Pronouns: zie/zhem/zer
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I assume most of them are bought up and rented out. Plenty of condos like that going up out here in Southern California as well.
Fucker
Log Wizard
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I was in Idaho at the time. 1100 sq/ft houses in nice areas for $70-75k all day long. Any couple with any job could buy a house and a car and get ahead. At the peak of market madness, those houses sold for $400k. Now they are down $65k but still wildly overpriced in the $325k+ range.
I have since moved to NoWheresVille, WI. Basic homes are $220k+; doubled in less than 10 years. About $70k more than what someone with median income can afford. This is a linear real estate market in that the population has been the same; equal numbers of people moving in as moving out.
The county has some of its own land, and is going to develop it. Smallest home price they are considering? $300k. Also 1500 sq/ft houses minimum. Also on the table are $450k houses. Make one guess which will be chosen. Sure, it will greatly raise the value of my house, but it will royally fuck anyone working average jobs because they will be priced right the fuck out of the town they grew up in.
Florida market hasn’t slowed and prices have somewhat leveled off, but we aren’t seeing any massive drops in pricing. Inventory is still pretty low since most people with low rates turned into landlords instead of putting the homes on the market.
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Sanrith Descartes
Veteran of a thousand threadban wars
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I am searching right now in Florida and analytics showing 54% of homes selling in under 30 days in the area I am looking. That is actually down from 2022. Also showing still very much a seller's market.