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A comment on Mortgage Rates Jump Above 6%, Putting Pressure on Housing Market. Parent comment
Suppose I'm considering a mortgage of 100K.
If rates go from 1% to 2%, my payment goes from 322 to 370, an increase of ~15%.
If rates go from 6% to 12%, my payment goes from 600 to 1029, an increase of ~71.5%.
Massive difference in terms of affordability.
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Suppose I'm considering a mortgage of 100K.
If rates go from 1% to 2%, my payment goes from 322 to 370, an increase of ~15%.
If rates go from 6% to 12%, my payment goes from 600 to 1029, an increase of ~71.5%.
Massive difference in terms of affordability.