US mortgage rates jumped this week, climbing closer to 7%. The move follows last week’s rate hike from the Federal Reserve, and the downgrade this week by Fitch Ratings agency of US sovereign debt, and of Freddie Mac and Fannie Mae.
zowka 51 points 3 years ago
While J6 did factor into it, the rating is on the governments ability to pay back its debt, aka to not default.
The bigger issue, in this context, that I’ve seen is the republicans playing with the debt ceiling and threatening to not raise it. This directly makes it more likely the US government can’t/won’t pay its debt off.
zowka 8 points 3 years ago
path: 0 2027761 2029297 2029815 2030685, hotness: undefined, score: 8, children: 0
Xanthobilly 13 points 3 years ago
Opposite sides of the same shitbird coin.
ChaoticEntropy 6 points 3 years ago
It isn't even the first time they've done it and caused chaos... or the second time... Or...
The debt ceiling is a bargaining chip when they're not in charge.
GrumbleGrim 39 points 3 years ago
The market is fucked. The house I bought 3 years ago has doubled in value. It's absolutely insane.
And you might be thinking, Great sell it! But then I have to find a new house that isn't being swallowed up by businesses paying cash for them (good luck). And we will never again see 2% mortgages in our lifetime, so I'm just going to die in this massively overvalued house.
afraid_of_zombies 5 points 3 years ago
Aren't your taxes going to explode?
psycho_driver 3 points 3 years ago
My taxes have doubled in the six years we've had our house. Mortgage + taxes + insurance are still way cheaper than what dickbag landlords want to charge for an apartment half this size in the current market. It helps that I'm a DIYer and can fix pretty much anything that goes wrong with the house.
afraid_of_zombies 4 points 3 years ago
I don't know what to say. You sound screwed but could have been screwed much worse. Sorry or congrats?
My landlord inherited the property and he is a lazy asshole. Every few years I change the dates on my lease and have him sign it. No plans to ever move. The lowest priced home that isn't condemned in my city stands at half a million. A friend of mine was out bid on a home in the nearby city by 100k and in cash.
psycho_driver 2 points 3 years ago
I don’t know what to say. You sound screwed but could have been screwed much worse. Sorry or congrats?
I think the bottom line is that almost everyone is screwed the way things are going. I'm screwed a lot less than other people since I got in at a (comparatively, now) low purchase price and great interest rate. My home insurance company has surprisingly not increased it's rates for the last two years as well, so that's a silver lining I suppose.
GrumbleGrim 2 points 3 years ago
Not as long as it is not reassessed.
psycho_driver 2 points 3 years ago
Same wrt buying a house at the right time. We do plan on selling ours though at or close to retirement. We're both working pension jobs so we'll just buy a modest RV and live off of our retirements + the proceeds from the eventual house sale (if there's still an America and American market at that point). That's the plan, anyway.
RockDeBilly 27 points 3 years ago
The survey includes only borrowers who put 20% down and have excellent credit.
That's rough.
BertramDitore 16 points 3 years ago
Yeah, I’m really curious what this is going to do to the overall economy. Personally, I’ll definitely be spending way less on non-essentials once payments resume…
PenguinJuice 4 points 3 years ago
My prediction is that the entertainment and hospitality industries are going to be the first to have massive layoffs.
And a lot of the people who work for that industry are college students, which will accelerate the issue.
afraid_of_zombies 4 points 3 years ago
As if that sector wasn't hit hard enough with the virus. I know this is anecdotal but not one restaurant or tourist trap I have been to has the numbers it used to have.
thelastknowngod 4 points 3 years ago
Soooo glad I got in at 4%.
Tygr 3 points 3 years ago
I can’t really respond with my thoughts here because I’m licensed in four states and all of them are experiencing different shifts in real estate, which I find odd.
California listings are selling quick while Utah is taking a long time to get sold. Just an example.
glimse 2 points 3 years ago
Around here I'd say the average price dropped about 10-15% and it's pretty slow. My neighbor sold in a week for over asking a few months ago, now my other neighbor is only getting lowballs and it's been on the market for 3 weeks.
I'm not a realtor but I've been in the market for the past few months so I'm on redfin daily
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Credit downgraded largely due to the J6 insurrection. Great job MAGAts. May you never be able to afford a home.
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