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Money and Finances
Reply to "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%. [/quote] That’s the articles point, you bought assets at low prices with high rates, meanwhile rates plummeted while those assets rose Everyone know is buying way more inflation adjust expensive housing, with low rates maybe okay, but they aren’t refinancing EVER and thus not getting future discounts like the boomers did. Asset appreciation is in question too, but I admit more murky. [/quote] This. Boomers bought when price had an inverse relationship to rates. The best purchase you could make was a house in the 80s when prices were low and rates sky high. That house could have been refinanced into a low interest loan, gotten a new mortgage when rates where even lower and then sold when prices were sky high [/quote]
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