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That home ownership being more affordable is going to completely disappear as interest rates go up. Yes monthly payments were slightly lower with tiny interest
by TimPC 4y ago
That home ownership being more affordable is going to completely disappear as interest rates go up. Yes monthly payments were slightly lower with tiny interest rates but the assets themselves were unreasonably high in price. With interest rates now skyrocketing payments will go through the roof.
- cudgy 4y agoBut home prices will likely drop, which will hopefully more than offset the increased interest cost. Plus, you can refinance a loan for lower overall costs, but there is no way to reduce the principal of a mortgage other than forking over hard-earned cash.
- TimPC 4y agoSo far in my market even accounting for the drop in prices, monthly payments were slightly larger.