US mortgage rates jumped this week, climbing closer to 7%. The move follows last week’s rate hike from the Federal Reserve, and the downgrade this week by Fitch Ratings agency of US sovereign debt, and of Freddie Mac and Fannie Mae.
Credit downgraded largely due to the J6 insurrection. Great job MAGAts. May you never be able to afford a home.
While J6 did factor into it, the rating is on the governments ability to pay back its debt, aka to not default.
The bigger issue, in this context, that I’ve seen is the republicans playing with the debt ceiling and threatening to not raise it. This directly makes it more likely the US government can’t/won’t pay its debt off.
Opposite sides of the same shitbird coin.
Everything I read pointed more towards the government’s willingness to wait until the final hours to agree on a budget, narrowly avoiding default.
The survey includes only borrowers who put 20% down and have excellent credit.
That’s rough.
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Yeah, I’m really curious what this is going to do to the overall economy. Personally, I’ll definitely be spending way less on non-essentials once payments resume…
My prediction is that the entertainment and hospitality industries are going to be the first to have massive layoffs.
And a lot of the people who work for that industry are college students, which will accelerate the issue.
As if that sector wasn’t hit hard enough with the virus. I know this is anecdotal but not one restaurant or tourist trap I have been to has the numbers it used to have.
Thanks #GOP!
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Did they dip? They were at 7.25 like a month ago
Yes they did. We visited 6.5% land for a while. I locked a lot of clients then to take advantage of it.
Well fuck. Wish I listed then.
House prices seem to be falling a bit which is nice but I expect it to pick up when we get closer to schools opening…
I can’t really respond with my thoughts here because I’m licensed in four states and all of them are experiencing different shifts in real estate, which I find odd.
California listings are selling quick while Utah is taking a long time to get sold. Just an example.
Around here I’d say the average price dropped about 10-15% and it’s pretty slow. My neighbor sold in a week for over asking a few months ago, now my other neighbor is only getting lowballs and it’s been on the market for 3 weeks.
I’m not a realtor but I’ve been in the market for the past few months so I’m on redfin daily
