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Want to Buy a House? Mortgage Rates Jump
Above Six Percent for First Time Since 2008

Original Article

Posted By: Dreadnought, 9/16/2022 12:34:50 AM

Mortgage rates when President Joe Biden took office? 2.65 percent. Today? 6.28 percent. On Tuesday, Biden held a weird celebration of his “Inflation Reduction Act” on the lawn of the White House. Why was it weird? Because at the very same time as Democrats were applauding themselves, the U.S. Labor Department was releasing figures that showed an “unexpected” rise in inflation, with the cost of rent, food, and other basic necessities continuing to skyrocket. Now we learn that mortgage rates have climbed above six percent for the first time since 2008. Wonder what kind of party Biden has planned for this milestone?

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Reply 1 - Posted by: SALady 9/16/2022 12:37:48 AM (No. 1278826)
Elections have consequences -- especially stolen ones!!!!! Never forget that!!!!!
13 people like this.

Reply 2 - Posted by: DVC 9/16/2022 1:00:18 AM (No. 1278830)
This is the direct result of the trillions handed out as "COVID money". Just shoveling out 2,500 BILLION dollars has consequences. Bad ones.
8 people like this.

Reply 3 - Posted by: thefield 9/16/2022 1:45:05 AM (No. 1278849)
As a notary, I saw 6+ last week
6 people like this.

Reply 4 - Posted by: Dodge Boy 9/16/2022 2:28:46 AM (No. 1278854)
Despite the higher rates, houses still seem to be selling in some areas though prices have come down. Desperate people still do desperate things.
3 people like this.

Reply 5 - Posted by: mifla 9/16/2022 3:40:30 AM (No. 1278869)
Hey KJP, how are you going to blame Trump for this one?
4 people like this.

Reply 6 - Posted by: F15 Gork 9/16/2022 7:09:37 AM (No. 1278972)
Under Comrade Carter rates got as high as 17-18%. We’ve got a ways to go. When guys in my squadron back then got reassigned it was not uncommon for the wife to stay behind with a house they couldn’t sell for six months or so. Many a good combat pilot simply said adios and went to the airlines.
5 people like this.

Reply 7 - Posted by: Ragman73 9/16/2022 9:42:39 AM (No. 1279118)
It will be interesting to see if HG TV continues to show their "diverse ", politically correct couples, or 23-25 year olds purchasing 500-600k homes. I realize the point is to make groups "feel better" about purchasing a home. But I don't think "I work for a nonprofit", and my wife doesn't work is going to carry the expenses any more. Unless you inherit, or are given family money, these seem to be "pie in the sky" scenarios. And, if you happen to watch these shows, have you noticed that older couples that might have significant equity to roll over are rarely shown. I guess the 60+ year old segment of the population just doesn't buy real estate, or needs to get on with dying...
1 person likes this.

Reply 8 - Posted by: DVC 9/16/2022 10:09:23 AM (No. 1279161)
My first home....which I still own, long ago paid off, was purchased with a 12.5% loan in the early 80s. A friend had a 17% loan, but was able to refinance it after Reagan was elected down to only 13% and then again a few years later to 11%.
0 people like this.

Reply 9 - Posted by: MDConservative 9/16/2022 10:19:09 AM (No. 1279179)
Cry me a river. My first mortgage was 15% in 1984. Thank goodness for Reagan and Volcker. From 1968 (Nixon) to 1984 (Reagan re-election) inflation caused prices to rise 235% - more than double - and that '68 dollar was worth 30 cents by '84. Get your WIN buttons out. Ready for wage and price controls?
0 people like this.

Reply 10 - Posted by: Faithfully 9/17/2022 8:08:46 PM (No. 1280513)
I hope the real estate bubble collapses so that young families can afford houses. China has been buying up properties for decades.
0 people like this.

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