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Our 3.625% we got in 2019 isn't looking too bad now. We were going to refinance when they got down to 2.25%, but due to a matter you can read about in the legal section, we couldn't. Hell, a 15 year at 1.75% was possible at one point. Would have added a couple hundred to our payment and we would have been done that much sooner.
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Originally Posted By DVCER: Lil hitler and I will be watching. I think you younger guys will figure out a way to leverage this shit show. I’m all used up, it is your turn. https://www.ar15.com/media/mediaFiles/857/57C53BEC-1C30-4F0A-B6F9-06EC5682261B_jpe-2322960.JPG View Quote The opportunities should be plentiful absent any more ridiculous government fuckery...(yeah right). I'm ready to buy up all the shit people financed during the free money salad days for pennies on the dollar. My mortgage is cheap, living expenses low...Let's get the party started. |
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Originally Posted By ContrarianIndicator: It needs to burst. The primary driver of the bubble has been socialistic interest rate manipulation. Now that the Fed has quit sticking its thumb on the scales by purchasing $40 billion in monthly MBS, we're finally getting a glimpse of what free market mortgage rates look like. But not the full picture yet, because in order for it to be a free market the Fed will need to dump the $2.72 Trillion it already owns. We're all in favor of privatization right? I am. This chart should be Zero, as it was up until 2009. https://www.ar15.com/media/mediaFiles/312979/Screen_Shot_2022-03-22_at_7_31_56_PM_png-2322846.JPG View Quote |
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Scratch a liberal and you will find a fascist.
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Pretty much the worst possible timing for this shit. Our new construction got delayed multiple times from January to a May closing date. The only thing making this possible is the absurdly inflated value on our current townhome.
With my luck the market will crash right before we sell, and have to walk away from the new home. Fuck joe biden |
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Originally Posted By exponentialpi: And that works as long as you keep your job and don't have to move to make ends meet because your company went kaboom. View Quote They will be stuck in the urban hellholes they created. |
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Scratch a liberal and you will find a fascist.
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Omg no more free money .
Pretty soon your bank account will earn Interest . The horror |
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"There's an inner idiot in us just waiting to climb out and romp about in unabashed stupidity, but most people retain just enough wit to keep the idiot bottled up."
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Originally Posted By JK-919: Pretty much the worst possible timing for this shit. Our new construction got delayed multiple times from January to a May closing date. The only thing making this possible is the absurdly inflated value on our current townhome. With my luck the market will crash right before we sell, and have to walk away from the new home. Fuck joe biden View Quote Sell now and rent for a year. seriously |
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Glad my home is paid for free and clear.
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I have no problem with this. Although its but a drop in the bucket, the fed has to try and stem inflation to some degree.
That this would happen is as plain as the nose on your face. Many arfcommers said "no way"... probably because they decided to sell at inflated price so they could buy at an inflated price. With unceasing inflation plus higher interest rates, demand will drop. Unfortunately, many buyers are going to be upside down on their loans for some time. |
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"History teaches us that men and nations behave wisely once they have exhausted all other alternatives."-Abba Eban
"I like it both ways, but still mainly mouth it" -gonzo_beyondo |
Originally Posted By JK-919: Pretty much the worst possible timing for this shit. Our new construction got delayed multiple times from January to a May closing date. The only thing making this possible is the absurdly inflated value on our current townhome. With my luck the market will crash right before we sell, and have to walk away from the new home. Fuck joe biden View Quote Sell now and ask for two months lease back. |
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Originally Posted By buck19delta: Inflation cranking prices on everything else will wreck people on tight budgets, resulting in foreclosures. View Quote @buck19delta Don’t forget too when student loans come due again. How many people bought a house they couldn’t afford when they were not paying them or they thought fjb was going to dismiss the loans |
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For since the creation of the world God’s invisible qualities, His eternal power and divine nature, have been clearly seen, being understood from His workmanship, so that men are without excuse.
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So is it a bad time to open a HELOC?
I'm at about 50% LTV. eta: 1.99% for 12 months then prime minus 1/4% after that. |
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Originally Posted By Zak406: @buck19delta Don’t forget too when student loans come due again. How many people bought a house they couldn’t afford when they were not paying them or they thought fjb was going to dismiss the loans View Quote You really think payments are going to start again May 1st? I'll believe it when I see it. Biden has cover to continue extending it or waiving them now. Terrible approval ratings across the board, record high inflation, war, etc. They'll extend the moratorium or forgive them. They won't be the ones letting payments restart before midterm elections. |
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The contractor business for home repairs/upgrades should be booming for the next few years from all the FOMO home buyers that waived their inspections.
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Well, there goes my paycheck if true.
(Not really) |
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Originally Posted By 2JokersWild: It simply pushes even more home sales to Blackrock. You'll own nothing and like it View Quote Why would Blackrock be interested in buying more homes in a rising interest rate environment? I would expect that the previous declining interest rate environment is the thing that made homes as an investment interesting to them in the first place. Rising interest rates might cause them to start to unload parts of their real estate portfolio to cash in before values start plummeting. If they were smart, they'd front run this whole thing while demand is still strong. I don't understand why regular people who have been REEEEEEING about the rapidly rising costs of housing as a result of near zero interest rates are now also complaining when interest rates start going back the other way. If you want things to cool off so you can afford a home, rising interest rates are the only way. |
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Originally Posted By grapenutsrobot: Sell now and ask for two months lease back. View Quote View All Quotes View All Quotes Originally Posted By grapenutsrobot: Originally Posted By JK-919: Pretty much the worst possible timing for this shit. Our new construction got delayed multiple times from January to a May closing date. The only thing making this possible is the absurdly inflated value on our current townhome. With my luck the market will crash right before we sell, and have to walk away from the new home. Fuck joe biden Sell now and ask for two months lease back. Or just finish the house, move in, and refinance in 2 years when the next government manufactured crises hits that causes the Fed to drop rates again. I wish otherwise, but I highly doubt that interest rates are going to return to 20th century normal and stay there. |
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Originally Posted By AXE0FWAR: Glad my home is paid for free and clear. View Quote That sucks, seriously. |
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Originally Posted By woodsie: Why would Blackrock be interested in buying more homes in a rising interest rate environment? I would expect that the previous declining interest rate environment is the thing that made homes as an investment interesting to them in the first place. Rising interest rates might cause them to start to unload parts of their real estate portfolio to cash in before values start plummeting. If they were smart, they'd front run this whole thing while demand is still strong. I don't understand why regular people who have been REEEEEEING about the rapidly rising costs of housing as a result of near zero interest rates are now also complaining when interest rates start going back the other way. If you want things to cool off so you can afford a home, rising interest rates are the only way. View Quote Savers and folks that don't overextended themselves will benefit. Your savings account with your emergency cash may benefit from actually earning more then 0.1% interest. Since home prices generally follow a monthly payment affordability model, housing costs should reduce in total price. So if you save for a $500,000 home that is now $400,000 then that down-payment is going to cover an increased net amount of the mortgage. Throwing extra money or buying outright may be a financial positive instead of the negative it is seen at when you locked in at 2.7%. The only people this is going to hurt is the couple with the adjustable rate mortgage who overextended and the folks on minimum wage trying to buy a house they should never bother to look at. |
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WTF is up with this bullshit anti-bayo lug crap. Was there a group of irrate japanese guys bonzai charging disabled school children and puppies that I wasn't aware of?
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Have been trying to buy for the better part of a year now with a conventional loan. I can't imagine this curbs demand much in my area but it certainly lowers my buying power. Fun stuff.
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Originally Posted By PreachermanMATT: So on the premise that house prices are cut in halfand rates double.and that you're 80k that's remarkable devalueddoesn't weaken further despite the largest housing inventory shortage in 100 years, and record inflation..you could be winning? Username checks out View Quote If Joe Biden declared gas was $1 today, every station would have a shortage of gas shortly after. That's what happens when the Fed pushes mortgage rates below the true market rate. But now they're taking their thumb off the scale thank God. Housing units to population is more favorable now than it was when home prices bottomed out after the previous bubble. Now that the Fed is no longer going to be manipulating the MBS market, rates are going to skyrocket, and home prices will have to come back to reality. We could be knocking on 8% by year end at the rate we're going. People underestimate how big of a role the Fed played in keeping the MBS market suppressed |
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Some posts by this user are purely fictional in nature and are not intended to be taken seriously or regarded as the users real opinion/belief.
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Originally Posted By DVCER: Of course, Colorado nat monument. Don’t want to flex, but it was cheeeep at 220k. BUT I only brought a 20k down payment. I think it was a 5% note, then refinanced at 2%. This has got to be a lousy time to buy. Anyway around buying now, don’t. Prices will follow, hopefully cheap primers are not far behind. https://www.ar15.com/media/mediaFiles/857/CBBD549E-803B-4D76-B40A-E97F951E2858_jpe-2322932.JPG View Quote View All Quotes View All Quotes Originally Posted By DVCER: Originally Posted By ContrarianIndicator: That's probably my favorite type of terrain. Looks like the Colorado National Monument near GJ. Loved that area out west Of course, Colorado nat monument. Don’t want to flex, but it was cheeeep at 220k. BUT I only brought a 20k down payment. I think it was a 5% note, then refinanced at 2%. This has got to be a lousy time to buy. Anyway around buying now, don’t. Prices will follow, hopefully cheap primers are not far behind. https://www.ar15.com/media/mediaFiles/857/CBBD549E-803B-4D76-B40A-E97F951E2858_jpe-2322932.JPG Must be pretty rich to have a fancy butler cat with mustache and toupee Attached File |
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Originally Posted By ContrarianIndicator: Surplus of cheap credit, not a shortage of housing for the 10,000th time. If Joe Biden declared gas was $1 today, every station would have a shortage of gas shortly after. That's what happens when the Fed pushes mortgage rates below the true market rate. But now they're taking their thumb off the scale thank God. Housing units to population is more favorable now than it was when home prices bottomed out after the previous bubble. Now that the Fed is no longer going to be manipulating the MBS market, rates are going to skyrocket, and home prices will have to come back to reality. We could be knocking on 8% by year end at the rate we're going. People underestimate how big of a role the Fed played in keeping the MBS market suppressed View Quote I’m not sure who people are… 2008 was a mortgage crisis— literal bank statement loans and people cosigning with their dog Currently we have a housing crisis-indeed Quantitative easing =/= complete withdrawal from bond purchases As a country we build on average 20 million single-family homes a year…. In the last 12 months we built 5M… You’ll see 5%…maybe 6%…. Don’t get me wrong I would love to see 8% I’ve got about 50 preapproved clients who cannot find housing, including members here—- preapproved pays…nothing, so if half of those clients lose eligibility, and the other half get under contract it’s going to be productive for me |
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Arfcom's resident Mortgage guy and VA specialist
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Originally Posted By C3H5N3O9: Fuck yes. I want to buy a house, and the retarded prices on everything have been a hurdle. I want this shit to crater hard. View Quote This is why no one feels bad for you having missed out, the burn it down and hurt everyone so I can get mine attitude. The irony is if your wet dream of it cratering comes true you still won't have a home since far worse things will have transpired and you'll once again be without while trying to survive... |
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Originally Posted By Zak406: @buck19delta Don't forget too when student loans come due again. How many people bought a house they couldn't afford when they were not paying them or they thought fjb was going to dismiss the loans View Quote We'll see how long they keep kicking the moratorium can, but that would just be icing on the cake if those become active again right as rates explode |
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Some posts by this user are purely fictional in nature and are not intended to be taken seriously or regarded as the users real opinion/belief.
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Originally Posted By RIP-Yataski: Poor millennials just can't catch a break ... View Quote I've been telling all of the millenials I know to keep saving. Housing markets always boom and bust. It's been happening forever. All of the "muh housing market is perfectly secure" folks will figure It out. I'm only 43 and have been through this at least 4 times in my life. Imagine what will happen with the next tech bust (which could be looming if you've been watching stock prices). |
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Originally Posted By ContrarianIndicator: Surplus of cheap credit, not a shortage of housing for the 10,000th time. If Joe Biden declared gas was $1 today, every station would have a shortage of gas shortly after. That's what happens when the Fed pushes mortgage rates below the true market rate. But now they're taking their thumb off the scale thank God. Housing units to population is more favorable now than it was when home prices bottomed out after the previous bubble. Now that the Fed is no longer going to be manipulating the MBS market, rates are going to skyrocket, and home prices will have to come back to reality. We could be knocking on 8% by year end at the rate we're going. People underestimate how big of a role the Fed played in keeping the MBS market suppressed View Quote View All Quotes View All Quotes Originally Posted By ContrarianIndicator: Originally Posted By PreachermanMATT: So on the premise that house prices are cut in halfand rates double.and that you're 80k that's remarkable devalueddoesn't weaken further despite the largest housing inventory shortage in 100 years, and record inflation..you could be winning? Username checks out If Joe Biden declared gas was $1 today, every station would have a shortage of gas shortly after. That's what happens when the Fed pushes mortgage rates below the true market rate. But now they're taking their thumb off the scale thank God. Housing units to population is more favorable now than it was when home prices bottomed out after the previous bubble. Now that the Fed is no longer going to be manipulating the MBS market, rates are going to skyrocket, and home prices will have to come back to reality. We could be knocking on 8% by year end at the rate we're going. People underestimate how big of a role the Fed played in keeping the MBS market suppressed Do you have this information you could share? I would be surprised if this was true considering that new housing starts fell off a cliff after 2008 and took a decade to recover. It would seem that we would naturally be behind on housing since it's not like people stopped making babies or immigrating. I would intuitively think it was a combination of a housing shortage and cheap credit based on that. |
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I am Government Man, come from the government.
PA, USA
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Our old house hits the market Friday. Hoping the rising rates won't hurt us.
Inventory is extremely tight in our area. |
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Originally Posted By PreachermanMATT: I'm not sure who people are 2008 was a mortgage crisis literal bank statement loans and people cosigning with their dog Currently we have a housing crisis-indeed Quantitative easing =/= complete withdrawal from bond purchases As a country we build on average 20 million single-family homes a year. In the last 12 months we built 5M You'll see 5%maybe 6%. Don't get me wrong I would love to see 8% I've got about 50 preapproved clients who cannot find housing, including members here- preapproved paysnothing, so if half of those clients lose eligibility, and the other half get under contract it's going to be productive for me View Quote |
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Some posts by this user are purely fictional in nature and are not intended to be taken seriously or regarded as the users real opinion/belief.
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So it feels like this is impossible to find a calculator online for this that isn’t a spam scam.
Can GD please help me out give me an idea if I could lower my interest rate?. I still have 60$ a month in PMI. Mortgage: 230k bough (bought it for 260k) Current house worth: 400k (went up 45% last 2 years) Current rate 3.25 Household debt: 4K Income: 100k Credit:750 Any chance I could lower it to lower than 3%? |
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Inflation and over spending is the problem. That is the fear.
The fed needs to do the needful. |
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Originally Posted By ContrarianIndicator: Not all, but a large percentage. I know lots of people overextending themselves on homes right now. People who jumped into a house recently and can't even afford furniture. But they had to buy because it was "now or never" and "prices are never coming back down." So now they have some folding chairs in their living room and a blow up mattress, and are living hand to mouth in a home they can't afford. When they finally go underwater, they'll walk away. And many of them will probably be losing their jobs in the recession that we are almost guaranteed to have now that the yield curve is about to invert. We'll see if the Fed and Govt try to inflate their way out of a recession that was caused by inflation this go around. View Quote View All Quotes View All Quotes Originally Posted By ContrarianIndicator: Originally Posted By bakkbakk: I wouldnt say debtors are living beyond their means if they bought a house they could afford during a time of low rates. I understand the rest though So now they have some folding chairs in their living room and a blow up mattress, and are living hand to mouth in a home they can't afford. When they finally go underwater, they'll walk away. And many of them will probably be losing their jobs in the recession that we are almost guaranteed to have now that the yield curve is about to invert. We'll see if the Fed and Govt try to inflate their way out of a recession that was caused by inflation this go around. This is my exact feeling. They've already used all of the tools in the box to stimulate the economy. Rates should have been climbing for a decade . Makes you wonder what their reasoning truly is and who is really at the helm. Somebody will get richer through this, but it won't be the average man. |
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"I keep hearing 'must have a dialogue,' but I keep being told to shut up when I speak." -Sand_Pirate
“I’m starting to think the Internet was a terrible mistake.” -Subnet |
Originally Posted By Low_Country: Curious what your recommendations are? View Quote View All Quotes View All Quotes Originally Posted By Low_Country: Originally Posted By Darrellbear: All we're lacking to reproduce the Carter years is double digit interest rates to go along with double digit inflation. We're getting there. Curious what your recommendations are? Get your ducks in a row and hold on tight for the ride..... Our home mortgage is at 2.25%. We owe approx 25% of market value. We'll be fine unless tech craters. That's my biggest concern.... |
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Originally Posted By Yobro512: So it feels like this is impossible to find a calculator online for this that isn’t a spam scam. Can GD please help me out give me an idea if I could lower my interest rate?. I still have 60$ a month in PMI. Mortgage: 230k bough (bought it for 260k) Current house worth: 400k (went up 45% last 2 years) Current rate 3.25 Household debt: 4K Income: 100k Credit:750 Any chance I could lower it to lower than 3%? View Quote not a snowball's chance in Arizona in July- what you can do.... Call your servicer (may take multiple times to talk to a higher quality window licker).. you're trying to reach the PMI dept, and you insist that you're home is worth more than they have on file, and you want to pay for an appraisal to prove it... pay for the appraisal... drop PMI, keep rate in the 3's |
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Arfcom's resident Mortgage guy and VA specialist
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Originally Posted By woodsie: Or just finish the house, move in, and refinance in 2 years when the next government manufactured crises hits that causes the Fed to drop rates again. I wish otherwise, but I highly doubt that interest rates are going to return to 20th century normal and stay there. View Quote We will have them cutting rates within the next year I think. We are stuck in a liquidity trap. We are the Japan now. |
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Originally Posted By woodsie: Do you have this information you could share? I would be surprised if this was true considering that new housing starts fell off a cliff after 2008 and took a decade to recover. It would seem that we would naturally be behind on housing since it's not like people stopped making babies or immigrating. I would intuitively think it was a combination of a housing shortage and cheap credit based on that. View Quote Attached File 2010 131M units 309M people .423 units per person 2022 143M units 334M people .428 units per person Slightly better now than it was back then |
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Some posts by this user are purely fictional in nature and are not intended to be taken seriously or regarded as the users real opinion/belief.
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Originally Posted By ContrarianIndicator: So very true A large portion of remote tech workers who have left places like SFO to bid up prices in other regions work for dogshit perpetually unprofitable zombie companies that are ripe for a good kabooom when their cheap credit life support runs dry That'll be a sight to behold View Quote View All Quotes View All Quotes Originally Posted By ContrarianIndicator: Originally Posted By exponentialpi: And that works as long as you keep your job and don't have to move to make ends meet because your company went kaboom. A large portion of remote tech workers who have left places like SFO to bid up prices in other regions work for dogshit perpetually unprofitable zombie companies that are ripe for a good kabooom when their cheap credit life support runs dry That'll be a sight to behold SFO is a airport... |
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Some posts by this user are purely fictional in nature and are not intended to be taken seriously or regarded as the users real opinion/belief.
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Originally Posted By JoshAR: Sub 5% is historicaly low, heck sub 7 is "good" historicly. Folks need to stop there bitchen. View Quote |
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Brownells is my go-to source for all firearm and firearm-accessory needs. They've got a great selection of in-stock items, slow ass UPS Mail Innovation shipping and the best darn customer service in the industry.
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Originally Posted By bigt61: Good. Enough with this $500,000 starter home crap. Bring back the $50-100k starter homes View Quote Completely missing from the market is the 1k sq/ft starter home. Not sure when people decided they needed 2k sq/ft, but they did.... My first home was 1056 sq/ft. At 23 it was a mansion.... 3/2. Plenty of space. Honestly.... I could easily still live there. |
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Originally Posted By bakkbakk: I wouldnt say debtors are living beyond their means if they bought a house they could afford during a time of low rates. I understand the rest though View Quote If people got ARMs or were planning on floating debt with rotating mortgages, then those people might gets screwed if they didn't retain enough capital to beat the squeeze. Maybe I should say, they screwed themselves. That is bad decision making. "I spent money I don't have based on what transient lending rates are right now! Check out my new Hellcat!" |
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Originally Posted By ManyFacets: housing prices dropping like a rock and curbing inflation would greatly benefit first time home buyers like millennials and the poor. i sure wish i could go back 5 or 7 years and buy a couple more houses. View Quote It doesn't help millennials if prices drop 25% and interest rates increase 800%. I'm sure there will be a millennial here and there who can scrape together enough cash to take advantage. Kudos to them. |
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Originally Posted By ContrarianIndicator: It does for the Fed. And not only an end to the $40 billion a month in MBS purchases but they're talking about beginning to unwinding the $2.7 trillion they already own as soon as the next meeting in May View Quote I'm underwhelmed by your data... the balance sheet reduction was not discussed yesterday to curb inflation, only raising the FED rate Entire Speech transcript Moreover, the reduction plan is announced to begin "after the process of increasing the target range for the federal funds rate has begun." and "primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA)" which as we all know... curbing reinvestment =/= legit reduction, it simple slows acquisition Principles for Reducing the Size of the Federal Reserve's Balance Sheet |
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Arfcom's resident Mortgage guy and VA specialist
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Originally Posted By LnWlf: The contractor business for home repairs/upgrades should be booming for the next few years from all the FOMO home buyers that waived their inspections. View Quote No, they won't have the money, the homes will not appraise high enough to let them tap into the HELOC/Cash out refi, since they have negative equity. |
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"The past is a foreign country; they do things differently there."
L.P. Hartley |
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