Re:Mortgage Rates Hit 5.78%, Highest Level Since 2008
by leekh on Thursday June 16, 2022 @01:22PM
(#31768614)
Yeah, but look at the case-shiller or the house price to avg incomes[1]
Back in the 80's homes were 4-5x the avg income
2002 5-6x
Now 8-9x
I rather buy something on 12% that's 4x my income than what my option is today.
[1] https://www.longtermtrends.net/home-price-median-annual-inco...
Re:Mortgage Rates Hit 5.78%, Highest Level Since 2008
by AnimalMuppet on Thursday June 16, 2022 @01:19PM
(#31768577)
My parents' mortgage in 1966 was at 4.875%, if I recall correctly.
I bought my house in 2002 and had a 6.5% interest rate. That was the lowest rates had ever been at least going back to 1970. A year later I refinanced down to 5.5% and then in 2010 down to 3% before paying it off a few years later.
So yeah 5.78% is higher than the rates of the last 15 years but historically it is still quite low.