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Agree. From experience, people look into how much they would pay monthly and their income. This then begs the question: what will happen once rates go up even
by zzleeper 5y ago
Agree. From experience, people look into how much they would pay monthly and their income.
This then begs the question: what will happen once rates go up even a bit, and houses suddenly require a 50% larger monthly payment.
- throwaway6734 5y agoMost mortgages haves fixed rates
- zzleeper 5y agoOf course. But buyers still need to be able to afford houses they purchase. With higher rates that might not be true.
- rozap 5y agoDoes it matter? From an individual's perspective, if you can make the monthly payment then all is well. Sure, the market may tank but all that does is effect your ability to move.
- pureliquidhw 5y agoNew mortgages will need that extra 50% driving home values down due to future homebuyers having less "monthly" purchasing power.
- deleted 5y ago[deleted]
- wheelinsupial 5y agoOver what time period? I think I’m America you can get a 30 year fixed rate mortgage. In Canada, 5 years is the most you can get even if the amortization period is 25-30 years.
- throwaway6734 5y agoIn the US, 10, 15, 20, or 30 years in my experience