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Mortgage rates hit highest point since 2000 (cnbc.com)
The average mortgage rate on a 30 year loan is now 7.48%
The average mortgage rate on a 30 year loan is now 7.48%
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Brian -
We paid 9% when we bought our house in 1994. We made it work.
The bigger problem today, much more than interest rates, according to my realtor friends, remains the extremely low supply of properties for sale. They have plenty of qualified buyers, even with the higher rates. They just don't have nearly enough homes to show them.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
People could get an arm. My first 30 year in 2002 was 6.375%. I actually have an arm still and interestingly my 2% until 2028 maxes out at 7% total. So in 2031 it'll be 7% at most because of a 5% lifetime cap. It is a 2% annual increase cap after 2% so 4% 2029, 6% 2030, and 7% in 2031.
The interest I've saved over 7 years will be a lot and then the next three will still likely make it pretty hefty. Of course it's better we paid off the mortgage in 7 years or refinanced within the time frame.Comment
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