I bought my current house in June of 2020, which admittedly was a pretty risky time to buy (covid lockdowns, economic uncertainty, etc). Since then, my home has appreciated over 100k, while interest rates went from 3.25% to over 7%.
I just used a mortgage calculator, If I bought my current home today, my principal payments would be more than double what I'm currently paying....
It's not hard to see this bubble is unsustainable...
chefandy t1_jdjqc6m wrote
Reply to Volatility in mortgage rates will lead to further deterioration of the U.S. real estate sector in 2023 by exemplaryprophecy1
I bought my current house in June of 2020, which admittedly was a pretty risky time to buy (covid lockdowns, economic uncertainty, etc). Since then, my home has appreciated over 100k, while interest rates went from 3.25% to over 7%. I just used a mortgage calculator, If I bought my current home today, my principal payments would be more than double what I'm currently paying....
It's not hard to see this bubble is unsustainable...