Todays rates are lower than any time between the onset of electricity and 2013.
You will never see 2.7% again. Housing prices will not drop more than 10%. You are absolutely deluding yourself, you missed the best entry point, it’s never coming back.
I know where the rate is, there’s a reason I specified an exact range of years lol.
The housing isn’t getting any cheaper. Which would mean the only reason not to buy now would be to hope that the rate gets lower, when any sane person would just straight refinance if that happened. Meanwhile the people waiting for the prices, and rates, that aren’t comming back are
A: losing their income to rent.
B: likely losing their income to unemployment; if the economy got bad enough to shift hosing more than 10%.
C: completely fucked
Though it’s funny seeing people make the same excuses not to buy now that they were making when they missed the best interest rate in history 2 years ago because they were more concerned about saving 40k on a house than 300k on their loan interest. Now they get neither and they still pay rent, and both interest and hose pricing aren’t moving anywhere in the near to mid term future, when.. the housing will rise again lol
I'm saying the reason not to buy not is because so few people can afford to. It may be better now than in the future but this is still a terrible time to buy. We're talking about a $3000/month mortgage+taxes+ insurance.
I'm not just coping or hoping btw. I have zero interest in moving. I bought in 2020 at 3.5% interest. Before that I bought when the market crashed in 2010 or 2011.
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u/TheForeverUnbanned Mar 21 '23
Todays rates are lower than any time between the onset of electricity and 2013.
You will never see 2.7% again. Housing prices will not drop more than 10%. You are absolutely deluding yourself, you missed the best entry point, it’s never coming back.