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> 30 year fixed rate mortgage at 7% Q1: Why would one use that rate to compare? and Q2: Who here has ever paid that high a rate on their mortgage? We sure h
by logifail 4y ago
> 30 year fixed rate mortgage at 7%
Q1: Why would one use that rate to compare?
and
Q2: Who here has ever paid that high a rate on their mortgage? We sure haven't! Signed our current floating rate 25 year mortgage back in 2008, so far the only great financial decision we've made.
My feeling is that cheap money has seeded a bunch of problems all over society, not just in the housing markets.
- advisedwang 4y agoQ1: because 7% is roughly the current rate for a 30 year mortgage right now. https://www.bankrate.com/mortgages/mortgage-rates/ https://www.bankrate.com/mortgages/mortgage-rates/ Q2: Anyone you see who is buying a house right now is paying that rate.
- logifail 4y agoErrm, fixed != floating. Who is fixing at 7% for 30 years?
- advisedwang 4y agoPer the source I quoted "For today, Monday, March 06, 2023, the current average interest rate for the benchmark 30-year *fixed* mortgage is 7.08%"