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.

  • ShakeThatYam@lemmy.world
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    1 year ago

    Credit downgraded largely due to the J6 insurrection. Great job MAGAts. May you never be able to afford a home.

  • GrumbleGrim
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    1 year 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.

      • psycho_driver@lemmy.world
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        1 year 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@lemmy.world
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          1 year 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@lemmy.world
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            1 year 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.

    • psycho_driver@lemmy.world
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      1 year 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.

    • BertramDitore@lemmy.world
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      1 year 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@kbin.social
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        1 year 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@lemmy.world
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          1 year 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.

  • MicroWave@lemmy.worldOP
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    1 year ago

    “The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”

    • Tygr@lemmy.world
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      1 year ago

      Yes they did. We visited 6.5% land for a while. I locked a lot of clients then to take advantage of it.

      • glimse@lemmy.world
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        1 year ago

        Well fuck. Wish I listed then.

        House prices seem to be falling a bit which is nice but I expect it to pick up when we get closer to schools opening…

        • Tygr@lemmy.world
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          1 year 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@lemmy.world
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            1 year 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