No worries: Biden is sure to get on that when he surely heads to Delaware this weekend for a well deserved weekend off after doing little during the week
Mortgage Rates Surge to 6.7% — More than Double Since Last Year
The 30-year fixed mortgage rate surged to 6.7 percent on Thursday, more than double what it was a year ago.
According to data from Freddie Mac, the 30-year fixed mortgage rate jumped by 0.41 percent from a week ago. A year ago, the rate was at 3.01 percent. It is also the highest it has been since July 2007, when the subprime mortgage crisis was in its early stages.
While the federal reserve recently hiked interest rates between three and 3.25 percent, the highest since 2008, the mortgage rate is not directly tied to the Fed but rather the ten-year U.S. Treasury bond yield. (snip)
According to Bankrate.com, if an individual were to purchase a $500,000 home with a 20 percent downpayment today, they would expect to pay approximately $259,000 in interest over 30 years. However, if they purchased a home for the same price and down payment when President Joe Biden was inaugurated in January 2021, they would only be paying $189,400 in interest over 30 years.
In fairness, we can still look to China as the main responsible party for screwing the U.S. and the world with COVID-19. But, everything Biden and the Democrats have done has made things oh so much worse.
Only Joe Biden could CONSISTENTLY get lost at his own press conferences.
This is scary. pic.twitter.com/3RZz0aqJIn
— Steve Guest (@SteveGuest) September 29, 2022
He’s pretty lost on the economy, too.
As I’ve mentioned before, we had to buy a house for Mrs Pico’s sister last year. In November, we had an interest rate of 2.5%, but because we were not going to live in the house, it was 3.5%. Now it would be 6.7% + 1.0% for not living in the house. The rate was slightly better because we put down 25% rather than 20%.
I suppose that we could have lied, and not let the mortgage company know that it would be rental property, and saved that extra 1.0%, but I don’t do things like that.
Relative of mine had interest rate clime 2% while they were waiting for closing.
Most mortgage companies offer rate locks of 30-90 days. Precisely so this does not happen to you. The only time I could think of not using this to your advantage would be at a time of falling interest rates and not during a time when they are on the rise. Like now.
I have bought and sold a few houses over the years and my rate has always been locked in.
Professor Hale’s story should be a cautionary one. Use a well known and respected lender. As most lenders today do not want to get stuck borrowing the money to pay your mortagae if the rates go up 3/4 of a percent during your closing time. That eats into their profits and a cut rate lender might not allow you to rate lock.
I have used Rocket Mortgage in the past and had great success with them and they give you all the bells and whistles in your favor and not theirs. Volume is how they succeed. Owned by the guy who is rebuilding downtown Detroit singlehandedly. I think he owns the Cleveland Cavs Basketball team as well.
Just so you know……….Gilbert and his wife, Jennifer, did each write a $75,000 check this month (2016)to a joint fund-raising committee set up to elect Hillary Clinton and Democrats across the U.S, according to campaign finance reports. Yes I know, another Democrat Billionaire the left claim they don’t have.
I personally don’t care about his politics. The company does a good job with home loans and its after-sale customer service IS GREAT compared to other companies that don’t care once you sign on the dotted line. Just an FYI.
TLDR: Rocket Mortgage/Quicken Loans gives you a mortgage rate lock up to 90 days and is reputable(certainly not perfect) and has great after-sale customer service where you actually speak to someone who speaks your language(English, Spanish, German, etc.) and not someone from Pakistan you can’t understand. Everyone I ever talked to was living and working in Detroit.
The US Federal Reserve (The Fed) combats inflation by raising the Fed Fund rate and tightening the money supply causing loan interest rates to rise. This makes it more expensive for businesses to borrow and for citizens to buy on credit (homes, autos, boats etc).
When Mr Reagan took office in 1981, Federal Reserve Chairman Paul Volcker continued to raise the Fed rate to stifle inflation. Unemployment climbed to 10.8%, mostly affecting the manufacturing sectors (home-building, autos). The recession DID halt inflation. We bought the house where we reside today in the early 80s with a mortgage rate over 10%!
How would Teach stifle inflation?
Teach us no longer referring to Biden as ,”China Joe”
After sending #3Gangster Pelosi and now America’s biggest destroyer cruising (designed for land attack) right into China’s front yard, the Dark Brandon has fully emerged. China has seen what American weapons did to Russia’s invasion of Ukraine (described as genius’ by Trump), think China wants some if that?
Do you think we want some of what China’s got, dummy? You war mongers are all alike. You want to provoke a conflict but think it won’t effect you.
It appears Pedo joe just blew up the Nord pipeline. That in itself is an actb of war. You people are war mongering fools.
Every day the “Dark Brandon” emerges more and more like his hero Adolf. Now he’s in his war mode. We will all pay if he loses control of the situation(if he even has control now which we doubt).
MAGA. As the election nears Hairy and Elwood approach panic mode. We like!
Lumbert the MAGAt accuses America of sabotaging the Nord pipeline. But that’s to be expected of Putin lovers like tRump, Mother Tucker and Lumbert.
It’s just another part of the Conspiracy of Everything. Global warming hoax, stolen elections, Covid, grooming kids, CRT, Ukraine, dem pedophiles… all interconnected, all to force conservative, white, Christian men of America to drive electric cars!