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Most Americans with mortgages are still paying very low rates, given they are fixed for the term of the loan. High interest rates will take a long time to affe
by kristianp 3y ago
Most Americans with mortgages are still paying very low rates, given they are fixed for the term of the loan. High interest rates will take a long time to affect what people are paying for their mortgages.
In Australia the rates are variable or if fixed only for a couple of years, so interest rates bite consumers harder. Yet the construction industry is still flat out.
- codegrappler 3y agoIn fact I would expect renovation to accelerate because of high rates. Anecdotally many of our friends are much more interested in renovating the home they’re in rather than give up a low mortgage rate in exchange for a higher one on a more expensive home.