Quote:
Originally Posted by ///d
Unfortunately that 7% rate is most folks only option right now. Sure, they can keep throwing money away at a rental or a payment they can't afford in hopes that interest rates come down, but how long will that take? And will they ever come back down to a reasonable rate, or is this going to become the new normal?
I just did a small 2cnd equity mortgage at 6.2% for 15 years. It fucking sucks, but it's my best option right now. But, I will be selling in the next few years and as long as the market doesn't tank by then I'll sell for far more than I owe and should be able to walk away with around half (or more) my sale price in my pocket.
I think many of us here are comfortable, and while we know shit sucks out there right now, I feel like most are too far removed from what is actually happening for a lot of folks. Most folks today can't think about long term, because they can only budget for today. Most first time home buyers can't afford the down payment required in todays market so they get sucked into high rates with shitty fine print programs.
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Agree, have no idea if or when rates will come down. how much rent you would spend waiting for it to happen, or what the same house will cost by then. Really aren't that bad now when looking t long term history -
