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Forum » Mortgage rates top 7%, highest since 2002.
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Thread: Mortgage rates top 7%, highest since 2002.

post 1670156023 10-27-2022, 09:15 AM
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#1
  1. LethalGunz34
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Mortgage rates top 7%, highest since 2002.

“Freddie Mac reported on Thursday that the average long-term U.S. mortgage rate climbed to 7.08% from 6.94% a week ago. A year ago, the 30-year rate averaged 3.14%.

"The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market," said Sam Khater, Freddie Mac’s chief economist.

The 15-year fixed-rate mortgage averaged 6.36%, up from last week's average of 6.23%. A year ago at this time, the 15-year FRM averaged 2.37%.”


https://www.foxbusiness.com/real-est...est-since-2002
post 1670156093 10-27-2022, 09:17 AM
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#2
  1. HayZues Christi
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  1. HayZues Christi
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Inb4 a bunch of renters think this affects people who already own.
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1670156173 10-27-2022, 09:17 AM
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#3
  1. OffwhiteBrah
  1. OffwhiteBrah
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meanwhile at my house...


post 1670156353 10-27-2022, 09:21 AM
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#4
  1. tripod29
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bIdEnS hOuSiNg MaRkEt.
post 1670157393 10-27-2022, 09:40 AM
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#5
  1. Nonsense916
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  1. Nonsense916
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Millennials will never be homeowners


Jfl

It’s over
Losers let it happen, winners make it happen.

Nonsense Army Crew.
post 1670166113 10-27-2022, 12:23 PM
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#6
  1. notthis
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Might hit 10% with this inflation.
post 1670166533 10-27-2022, 12:30 PM
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#7
  1. Ratfish
  1. Ratfish
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looks like we're going to have to send everyone a check to deal with this
Make Europe Germany Again
post 1670166593 10-27-2022, 12:32 PM
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#8
  1. Jasonw1178
  2. 5'3" 300lbs Fudge Rounds
  1. Jasonw1178
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FHA rates are higher.
post 1670166863 10-27-2022, 12:36 PM
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#9
  1. BearTactics
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  1. BearTactics
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Housing market has a liquidity problem. At these rates, owners / sellers are stuck bc buyers will not pay appraisal values at current interest rates. Buyers will begin putting massive downward pressure on home values as current owners are forced to try and capture equity in their homes bc of unforeseen economic challenges and builders try to offload projects not yet completed. Yes, there are happy homeowners locked in with no worries, but the housing market is in big trouble. About to be a buyers market folks, sellers will capitulate
Bald head scallywag
post 1670166913 10-27-2022, 12:37 PM
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#10
  1. AlwaysFocus
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  1. AlwaysFocus
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Wait... the USA has 30 YEAR mortgages? Lol 5 year at a time here.
post 1670166943 10-27-2022, 12:38 PM
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#11
  1. topperstyle
  2. 720 Crew
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TFW sub 2.5
post 1670167423 10-27-2022, 12:46 PM
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#12
  1. ClivesTriceps
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My rate is locked in at 2.25%, closed back in December 2020
Wort ew in th wold.
post 1670167513 10-27-2022, 12:47 PM
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#13
  1. WoofieNugget
  1. WoofieNugget
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Originally Posted By AlwaysFocus⏩
Wait... the USA has 30 YEAR mortgages? Lol 5 year at a time here.
And the scary thing is their mortgage rates for thirty years are often better than ours at 5.
post 1670167643 10-27-2022, 12:50 PM
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#14
  1. naich
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Originally Posted By BearTactics⏩
Housing market has a upper body building problem. With these legs, owners / sellers are stuck bc buyers will not pay appraisal values for this lower body. Buyers will begin putting massive downward pressure on lower body values as current owners are forced to try and capture equity in their upper bodies bc of unforeseen economic challenges and body builders try to offload projects not yet stage ready on coath Adam. Yes, you have the upper body with no worries, but wait no, you have the lower body with no problem. About to be a buyers market folks, sellers will capitulate
No, you're not listening, you have a building problem.
**Florida Crew**
**Waiting for National Guard Bus Ride to Labor Camp Crew**
post 1670167683 10-27-2022, 12:50 PM
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#15
  1. OliverHeldens
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Originally Posted By AlwaysFocus⏩
Wait... the USA has 30 YEAR mortgages? Lol 5 year at a time here.
Your Mortgage is probably a 30 year amortization as well, just not locked for more than 5 years.

Most Commercial Loans in the US are exactly how you guys do them. 5 Year Balloon.
post 1670167733 10-27-2022, 12:53 PM
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#16
  1. dannyg1217
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What fits better...joemmagedon or ArmaBiden to describe the state of our economy and country.
Yellow fever crew
High test Manlet crew
EE master race

5'7" @ 175
PRs, B325 S405 D405
post 1670167813 10-27-2022, 12:54 PM
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#17
  1. jackamo2887
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Originally Posted By AlwaysFocus⏩
Wait... the USA has 30 YEAR mortgages? Lol 5 year at a time here.
Except Canada is just a colony of India and China now. LOL @ beavercels paying rent to their golden bull or golden cow overlord.
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
post 1670168423 10-27-2022, 01:02 PM
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#18
  1. TheGoldenBull
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home prices do this






as propertycucks do this











as i do this

post 1670168603 10-27-2022, 01:06 PM
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#19
  1. SillieBazzillie
  2. Md, Misc, Old-Brah
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Dang, $1k more per month for a $500k house than just 6 months ago. Buh bye housing prices.
Early AM workout crew.
Holy crap dude, Satan's huge crew.
post 1670169003 10-27-2022, 01:13 PM
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#20
  1. vickissick07
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Originally Posted By HayZues
Inb4 a bunch of renters think this affects people who already own.
It affects tons of people with variable rate mortgages you damn retard. And when they all start defaulting on their loans because they can no longer afford them then it's going to start affecting everyone. Typical stupid short sighted lib.
post 1670169183 10-27-2022, 01:16 PM
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#21
  1. jackamo2887
  2. BEATINGU
  1. jackamo2887
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Originally Posted By vickissick07⏩
It affects tons of people with variable rate mortgages you damn retard. And when they all start defaulting on their loans because they can no longer afford them then it's going to start affecting everyone. Typical stupid short sighted lib.
If you got a variable rate loan when the past 20 years have had historically low interest rates then you're a fukin potato and deserve to be a homeless retard.
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
post 1670169193 10-27-2022, 01:16 PM
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#22
  1. HateLiberals
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Originally Posted By OliverHeldens⏩
Your Mortgage is probably a 30 year amortization as well, just not locked for more than 5 years.

Most Commercial Loans in the US are exactly how you guys do them. 5 Year Balloon.
Wrong, retard
post 1670169543 10-27-2022, 01:23 PM
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#23
  1. Destor
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Originally Posted By WoofieNugget⏩
And the scary thing is their mortgage rates for thirty years are often better than ours at 5.
I haven't seen a single Ameribrah post rates as low as we've seen, my first mortgage is at 1.69%

Think 5 year rates in Canada right now are 5% and change
post 1670169653 10-27-2022, 01:25 PM
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#24
  1. WoofieNugget
  1. WoofieNugget
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Originally Posted By SillieBazzillie⏩
Dang, $1k more per month for a $500k house than just 6 months ago. Buh bye housing prices.
Just for fun today I checked new build prices around my city. A year ago they were actually doing auctions to see how much they could get people to overpay by. Now they are all listed at least 100k less from prices I saw posted last year. Tons of people are choosing to just let their deposits go because they know they are screwed if they actually take on the mortgage once it's time to occupy.
post 1670169773 10-27-2022, 01:27 PM
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#25
  1. ApeMode666
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Originally Posted By OffwhiteBrah⏩
meanwhile at my house...
congrats, you bought the top of the market with a low interest rate, thinking you're winning but in reality it makes no difference
post 1670169903 10-27-2022, 01:28 PM
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#26
  1. HateLiberals
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Originally Posted By Anachron⏩
Actually, the blind chicken did find the worm this time.

Beavercels get locked in for 5 years for the interest rate, but it's amortized over 25 years ( in most cases, but 30 year is available as well ).
Floating interest rates are insane but so is having 20+% of your population immigrants so can't say black face Trudeau gets much right or cares about natives
post 1670169993 10-27-2022, 01:30 PM
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#27
  1. IlChosenOne
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Originally Posted By OffwhiteBrah⏩
meanwhile at my house...


This except 2.25%
Originally Posted By ClivesTriceps⏩
My rate is locked in at 2.25%, closed back in December 2020
Das it mane
* Rawdog crew * Creampie crew * Poverty crew *

Haven't worn a condom since middle school crew

* HTC crew *
post 1670170303 10-27-2022, 01:36 PM
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#28
  1. AWSbruh
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Yes that mean rent goes up lmaaoooo
post 1670170343 10-27-2022, 01:37 PM
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#29
  1. vickissick07
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Originally Posted By jackamo2887⏩
If you got a variable rate loan when the past 20 years have had historically low interest rates then you're a fukin potato and deserve to be a homeless retard.
Not denying that but most people are retarded and their decisions will affect the rest of us.

It's like 2008 taught us nothing.
post 1670171573 10-27-2022, 01:56 PM
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#30
  1. redwine91
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All this sh!t corrects eventually. Property values will drop in return

I’ve got 2.5% on one mortgage and a 4.5% on my other home.
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