▲ 353 ▼ A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up (www.nytimes.com) submitted 2 years ago by GiddyGap@lemm.ee to c/news@lemmy.world 145 comments fedilink hide all child comments
[+] Dkarma@lemmy.world -47 points 2 years ago (3 children) Rent it out or sell it and move. How is it not a wash for whatever u want to buy? permalink fedilink source parent hideshow 6 child comments replies: [–] Cryophilia@lemmy.world 42 points 2 years ago Because interest rates are way higher now? permalink fedilink source parent [–] KingWizard@kbin.social 29 points 2 years ago Uhh, because of interest rates. The very thing being discussed here. permalink fedilink source parent [–] MeekerThanBeaker@lemmy.world 11 points 2 years ago I don't know where OP lives or how much their house costs, but a $400,000 home at 3% is around $1,685/month. Same price at 7% is about $2,660/month. If it were in a more expensive neighborhood, a $1 million dollar home at 3% is about $4,200/month. At 7%, that makes it $6,650/month. Many average houses in California can cost $1.5 million... so needing an extra $50k/year sounds reasonable to be able to move into a similar house. You have to get a new loan when buying a different house unless you have the money to pay cash. That means you accept the current rate. I wouldn't want to spend an extra grand or two per month on a similar house. permalink fedilink source parent
[–] Cryophilia@lemmy.world 42 points 2 years ago Because interest rates are way higher now? permalink fedilink source parent
[–] KingWizard@kbin.social 29 points 2 years ago Uhh, because of interest rates. The very thing being discussed here. permalink fedilink source parent
[–] MeekerThanBeaker@lemmy.world 11 points 2 years ago I don't know where OP lives or how much their house costs, but a $400,000 home at 3% is around $1,685/month. Same price at 7% is about $2,660/month. If it were in a more expensive neighborhood, a $1 million dollar home at 3% is about $4,200/month. At 7%, that makes it $6,650/month. Many average houses in California can cost $1.5 million... so needing an extra $50k/year sounds reasonable to be able to move into a similar house. You have to get a new loan when buying a different house unless you have the money to pay cash. That means you accept the current rate. I wouldn't want to spend an extra grand or two per month on a similar house. permalink fedilink source parent