4 ms·
My math might be wrong, but according your source isn't the annualized month-to-month inflation 7.5%? (1+0.6/100)^12 = 1.0744. The year-to-year (multiply all
by tagoregrtst 5y ago
My math might be wrong, but according your source isn't the annualized month-to-month inflation 7.5%?
(1+0.6/100)^12 = 1.0744.
The year-to-year (multiply all seven rates and then power to 12/7) is 7.1% which is pretty close to 7.5% anyway.
(Also, note that the decrease over the last two months is probably due to the Christmas peak ending. Best case scenario, pie in the sky, for inflation is 3.6% which is higher than my mortgage rate)
- Rebelgecko 5y agoIf you still have a lot of time left on your mortgage it may be beneficial to refi
- tagoregrtst 5y agoSorry, I meant higher than my mortgage. Corrected. I already had a low rate from ‘17 and we refinanced it again.
- jcadam 5y agoI got 2.75 on mine, which is ridiculously low. My parents paid something like 11-12% on their first house.
- redisman 5y agoHow much did they pay for that house though?
- dominotw 5y agoexactly!! i would rather pay less for the house.
- tagoregrtst 5y agoYou can get cheap houses in the US if you’re willing to live outside select cities. If you’re an IT guy with potentially little impact on your salary. That being said, we’re in this weird regime where interest rates set the market price of homes (since people can only afford $x/month no matter the interest rate with no wiggle room)
- tagoregrtst 5y agothey paid more than double then what they bought it for. Interest at 11% over 30 years is larger than the principle.
- voisin 5y agoWhy not refinance when rates decline?
- tagoregrtst 5y agoIf they fall within the lifetime of the loan. 11% interest rates werent a one year thing. That being said, I keep forgetting refinancing is one of the great American blessing we dont enjoy elsewhere. And Ive refinanced twice already :D
- jcadam 5y agoThey did not hold the house very long :)