Bare careful what you wish for. |
Well, I own a home with a 2% mortgage…so I’ll wish for it. |
Then monthly payments would basically remain the same. Low or high interest rates, no one is able to get sub 3k monthly payment anymore. |
Me too but it’s a starter home… |
Keep dreaming. While I’d love this as the owner of two properties I can’t see it happening. Prices are insanely high already. If anything, rates will stay near current levels and prices will start to drop. I feel bad for people who were persuaded to take our adjustable rate loans with delusions of lower rates. Also, people have been encouraged to borrow from 401ks. All around sad. |
The government prints money like crazy though, house prices have increased by 30% since Covid but our dollar has lost 30% of its value overall. It’s basically just inflation. CPI: 900k in 2024 = 740k in 2019 |
You should start wrapping your head around the concept that it is *not* a starter home. |
If rates are cut significantly - there will be an influx of supply too from people who are locked in right now. So who knows how that plays out. |
Nobody is talking about cutting rates right now, so you needn't worry. If anything the Fed may raise rates again if inflation remains stubbornly above the 2% target. |
This. |
People who are only selling because rates finally dropped enough have to buy something, no? Which means demand is still up. Keeping prices up. I don't see a happy way out of this situation for people looking to buy or wanting to trade up and have the golden handcuffs. It'll be a long, sluggish slog for the market to reach some sort of new equilibrium. Think in terms of years and years. |
Let's be real -- no one is predicting that rates are going to be cut significantly, so this thread is pointless. |
Rates aren't going down, sweetie pie. |
Haven't we been led to believe that many buyers in the highly desirable areas are "all-cash"? Thus, interest rates don't matter for that large group of buyers. |
true. we've lost out on several homes because someone offered all cash. |