2y ago

Average long-term US mortgage rate climbs to 7.09% this week to highest level in more than 20 years

abcnews.go.com

The average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.

37 comments

7% is still considered low by historic data.
- 7% on $416,000 (national average) is still more money than 16% on $47,200 in 1980....
  
  Adjusted for inflation comparing interest paid for 30 year fixed:
  Loan Amount: $185,457 @ 16% - Interest Paid: $720,306 and Total Cost: $905,763
  Loan Amount: $416,000 @ 7% - Interest Paid: $580,923 and Total Cost: $996,923
  That's closer than I thought actually.

Rates shouldn't have been so low in the first place. Home loans have basically been free money for the wealthy to acquire houses as assets in a sick fucking get-rich-quick scheme, where the consequences have been no one being able to afford homes. Now all we need is a tax on unoccupied homes.

I am so glad we have a fixed-rate mortgage, but I don't know how we're ever going to be able to afford to move out of this town.

Holy jumpin fuckin jahosafat.

cries in 1980s mortgage

nice. well, bad for some parts of the economy, but good for other parts

No sympathy. Vote away zoning laws if you want to buy a house.
- Zoning laws have a small part to play. The biggest issue is the privatization of the housing market. The government needs to get involved in building single family homes.
  
  More people need to take advantage of the USDA home loan program
  https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans
  We were able to buy our house with 0 down. Our state even has a program where they foot up to 5k in closing costs. We started at 3.875% and refinanced to 2.875 when the rates plummeted a few years later to get rid of the PMI.
  
  Zoning laws absolutely play a huge part. They are the main tool of NIMBYs to prevent new construction of affordable housing.
  
  Small part? My city is getting richer and richer while rents are exploding all the while my block is dying because zoning laws won't let any of it be changed.
  
  zoning laws are the biggest single factor in limiting development, housing or otherwise.
- Oh thabks, I'm cured.
  Totally not homeless now thank you!
  
  I am sorry for your situation but rage at me won't change what your government did because people can't be bothered to pay attention to local government.
  Name two people on your city board, tell me why you voted for your mayor, what was the last zoning board meeting about, the last time you spoke at a town.meeting what did you say?
  Yeah, thought so. Everyone is so worked up about what some asshole in Washington twatts at another asshole that they don't notice or care about what happens right in their town. The thing they could actually work on.
  Can you call social services btw? How about a religious building in your area? Some of them do have apartments available temporarily.
- What about the, y'know, lobbying
  
  Your mayor and city council is being lobbied by whom exactly? Who exactly is bankrolling the Faceboot page for Celitus to run for mayor? Why does some corporation have an interest in making sure that abandoned retail locations stay abandoned instead of being converted into condos?
  Go to your city's website right now and check out the minutes from the zoning/adjustment board. Show me who has compelling interest in literal anything going on except the local Karens who want to keep POC out.

37 comments