return2ozma@lemmy.world to A Boring Dystopia@lemmy.world · 8 months agoHousing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onwardfinance.yahoo.comexternal-linkmessage-square47fedilinkarrow-up1316arrow-down15cross-posted to: personalfinance@lemmy.mlnews@lemmy.world
arrow-up1311arrow-down1external-linkHousing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onwardfinance.yahoo.comreturn2ozma@lemmy.world to A Boring Dystopia@lemmy.world · 8 months agomessage-square47fedilinkcross-posted to: personalfinance@lemmy.mlnews@lemmy.world
minus-squareuranibaba@lemmy.worldlinkfedilinkarrow-up1·8 months agoCould be fixed rate that expired and had to be renewed, but with a new rate.
minus-squareAlexstarfire@lemmy.worldlinkfedilinkarrow-up1·8 months agoIn the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.
minus-squareuranibaba@lemmy.worldlinkfedilinkarrow-up2·8 months agoHow does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?
minus-squareAlexstarfire@lemmy.worldlinkfedilinkarrow-up2·8 months agoYes, though I’m not sure what you mean by not paid. You have monthly payments for the loan.
minus-squareuranibaba@lemmy.worldlinkfedilinkarrow-up1·8 months agoI meant payed off. So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?
minus-squareAlexstarfire@lemmy.worldlinkfedilinkarrow-up2·8 months agoYep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.
Could be fixed rate that expired and had to be renewed, but with a new rate.
In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.
How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?
Yes, though I’m not sure what you mean by not paid. You have monthly payments for the loan.
I meant payed off.
So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?
Yep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.