derpbeluga t1_je2m11p wrote on March 28, 2023 at 11:22 PM

Yes, I would. You can refinance that 6% mortgage in a few years when interest goes down, but you can never get back to the current prices. While it's high now, just wait a few years and it will be even higher.

Theo_dore229 t1_je2nxgg wrote on March 28, 2023 at 11:35 PM

Not only can you refinance, but current interest rates aren’t even that “high” by historical standards. For better or worse, we’ve been spoiled with low interest rates since they were slashed to zero in the wake of the financial crisis of 2008-2010.

Not currently in the market for a home at the moment, but if I had the money, I definitely wouldn’t be stopped by current interest rates.

ApolloKid t1_je2ofgk wrote on March 28, 2023 at 11:39 PM

You’re right that the rates aren’t high by historical standards, but home values certainly are. The values combined with current interest rates are making for higher monthly payments than the combination of any past rates and values ever has

PepperJack731 t1_je2pksy wrote on March 28, 2023 at 11:48 PM

I agree that values are high but I do not think they will decrease any time in the near future. COVID was a game-changer for the workplace and an increasing number of people are working from home. I suspect people who mainly work from home and commute to Boston a few days a week are going to continue driving prices up.

Theo_dore229 t1_je2ospb wrote on March 28, 2023 at 11:42 PM

Absolutely. My only point was mostly that it’s better to get your foot in the door regardless. While interest rates have definitely made housing prices go up, we have a fundamental shortage of housing. By a significant amount. At this point, even lower interest rates won’t solve that problem. It’s going to require coordinated policy decisions in multiple levels of government. That’s going to take a while to happen.

NoellaChel t1_je3247f wrote on March 29, 2023 at 1:21 AM

Agree while I think it might drop a little I don’t think there will be a burst like in past