Re:Mortgage Rates Jump Above 6%, Putting Pressure on Housing...
by isitmadeofglass on Thursday September 15, 2022 @02:26PM
(#32856321)
> I bought a house recently so I'm theoretically on the losing side of any drop in home prices resulting from this
Are you actually? We recently bought a house pre rising rates. We got a great financing. And if we refinance now we immediately cut 10% of the debt. We don’t intent to sell anytime soon. Looking at the market, even with lower prices now, it would still have been more expensive to finance a purchase after interest increases.
From our perspective it looks like recently having bought is the best position you could be in, except of cause for having bought a decade ago or a decade before etc.
Are you actually? We recently bought a house pre rising rates. We got a great financing. And if we refinance now we immediately cut 10% of the debt. We don’t intent to sell anytime soon. Looking at the market, even with lower prices now, it would still have been more expensive to finance a purchase after interest increases.
From our perspective it looks like recently having bought is the best position you could be in, except of cause for having bought a decade ago or a decade before etc.