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Joined: Jan 2002
Posts: 12,832
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2002
Posts: 12,832 |
According to Bankrate.com, the average 30 year mortgage jumped to 7.06 today, after touching on 7% last week. Please post your "7% is not high, my first mortgage was at XXX% posts below, in nice ,orderly, increasing order. Any bets on how fast this will put a serious crimp on housing starts? https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-monday-october-3-2022/Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past 6 percent as the Federal Reserve cracks down on inflation. The rate chart could continue to look choppy — the Fed’s rate-raising stance against inflation also could lead to a recession, and that could cause mortgage rates to retreat. The central bank raised rates again at its September meeting. The one-two punch of consecutive rate increases of three-quarters of a point are likely to cool the economy. “The cumulative effect of this sharp rise in rates has cooled the housing market and caused the economy to start slowing, but hasn’t done much to lower inflation,” says Greg McBride, CFA, Bankrate chief financial analyst. Average mortgage rates today Product Rate Last week Change 30-year fixed 7.06% 6.59% +0.47 15-year fixed 6.16% 5.80% +0.36 5/1 ARM 5.25% 4.90% +0.35 30-year fixed jumbo 7.06% 6.58% +0.48 Rates as of October 3, 2022. T
Sic Semper Tyrannis
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Joined: Jan 2010
Posts: 23,533
Campfire Ranger
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Campfire Ranger
Joined: Jan 2010
Posts: 23,533 |
the whole idea of crashing the economy to control inflation seems surreal to me.
its a supply and demand problem but what they want to do is decrease demand, not increase supply
have you paid your dues, can you moan the blues, can you bend them guitar strings
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Joined: Jul 2022
Posts: 1,102
Campfire Regular
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Campfire Regular
Joined: Jul 2022
Posts: 1,102 |
I assume you were not paying attention when Volker fixed the Carter inflation mess ?
As for housing starts, no impact as unlike 08' there is a huge shortage of both single family and rental properties.
When Jimmie was President I had a 17.5% 1/4ly variable mortgage. We still bought a house because we had the money as do people today.
Inflation is a PIA but pales next to the 100s if not 1000s of terrorists now running loose.
Two dozen RC drones filled with radioactive waste would shut the country down in one day. Piece of cake for ISIS or whomever.
Last edited by UpThePole; 10/03/22.
Paranoia strikes deep Into your life it will creep It starts when you're always afraid Step out of line, the man come and take you away
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Joined: Aug 2010
Posts: 27,918
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 27,918 |
the whole idea of crashing the economy to control inflation seems surreal to me.
its a supply and demand problem but what they want to do is decrease demand, not increase supply "I'm from the guv'ment and here to help"
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Joined: Aug 2010
Posts: 27,918
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 27,918 |
Housing starts were already declining . Did you think the last 18 months of housing market was sustainable? Hell no. It's just correcting. The sky isn't falling.
Pray for Ukraine
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Joined: Jun 2012
Posts: 4,606
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,606 |
I don’t know exactly how far the housing market is going to fall but beginning in mid December the ocean freight bookings fall off a cliff. There are more empty bookings starting in mid December than there was when China was closed from Covid. Everything is going to crash and crash hard !
‘TO LEARN WHO RULES OVER YOU, SIMPLY FIND OUT WHO YOU ARE NOT ALLOWED TO CRITICIZE’
Conspiracy theorists are the ones who see it all coming…
You are the carbon they want to eliminate !
I’m Uber Deplorable Ultra MAGA !
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Joined: Dec 2004
Posts: 17,240
Campfire Ranger
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Campfire Ranger
Joined: Dec 2004
Posts: 17,240 |
I don’t know exactly how far the housing market is going to fall but beginning in mid December the ocean freight bookings fall off a cliff. There are more empty bookings starting in mid December than there was when China was closed from Covid. Everything is going to crash and crash hard ! Interesting item there.
Now with even more aplomb
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Joined: Jun 2008
Posts: 6,076
Campfire Tracker
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Campfire Tracker
Joined: Jun 2008
Posts: 6,076 |
Where do you house another 3.5 million illegals?? Are the all living in their Tio Chuy’s basement???
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Joined: Jan 2012
Posts: 45,016
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2012
Posts: 45,016 |
All types of housing going up all over Clarksvegas
Hasn't seemed to stop for years around here.
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Joined: Jul 2005
Posts: 5,675
Campfire Tracker
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Campfire Tracker
Joined: Jul 2005
Posts: 5,675 |
Mortgages are for losers and women. For 60 straight years I lived in a tent behind the sewer plant, eating cattail roots and frog meat three meals a day. Paid cash for my doublewide, ba Gawd. That's the only way to do it and be a man.
John Wayne never took out no mortgages.
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Joined: Jan 2006
Posts: 69,300
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,300 |
I believe it was under Carter when mortgages hit 10%. A lot of people bought way over their heads in those days but it was from interest, not from buying more house than they needed. I recall buying a house at something like 6.5 way back when.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
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Posts: 9,053
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,053 |
Another 300 basis points needed to curb inflation. Mortgage rates will top 12-13%, maybe more.
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Joined: Feb 2010
Posts: 15,647
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 15,647 |
I think our mortgage rate in Virginia Beach in ‘79 was right at 17% IIRC.
NRA Life,Endowment,Patron or Benefactor since '72.
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Joined: Jan 2002
Posts: 12,832
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Jan 2002
Posts: 12,832 |
So, if inflation is too much money chasing too few goods....
Why does the government make it more expensive for producers to borrow money for long term capital improvements that would increase the production of those goods?
<rethorical question> Why does the government just not cut spending by 25% and "take away the punch (pork) bowl?"
I know, I know....
Sic Semper Tyrannis
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Joined: Feb 2013
Posts: 21,713
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,713 |
Another 300 basis points needed to curb inflation. Mortgage rates will top 12-13%, maybe more. THANK YOU!!! The rest of you do a Google search on "Amortization Tables" on a $750k Mortgage at 13%... and post up your findings. The USA is totally fugged in 2022...
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Dec 2013
Posts: 23,686
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,686 |
So, if inflation is too much money chasing too few goods....
Why does the government make it more expensive for producers to borrow money for long term capital improvements that would increase the production of those goods?
<rethorical question> Why does the government just not cut spending by 25% and "take away the punch (pork) bowl?"
I know, I know.... And this is why crashing the economy (demand) won’t stop inflation. It’s definitely supply / demand issue. The govt. has increased the supply of USD’s lessening the demand for them.
Last edited by jackmountain; 10/03/22.
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Joined: Jun 2001
Posts: 10,776
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2001
Posts: 10,776 |
All by design. Fug the dems and ball less republicans that created this mess.
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Joined: Mar 2006
Posts: 20,884
Campfire Ranger
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Campfire Ranger
Joined: Mar 2006
Posts: 20,884 |
Only thing Democrat’s can build is House of Cards & a Kangaroo Court.
"I never thought I'd live to see the day that a U.S. president would raise an army to invade his own country." Robert E. Lee
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Joined: Jul 2010
Posts: 2,725
Campfire Regular
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Campfire Regular
Joined: Jul 2010
Posts: 2,725 |
the whole idea of crashing the economy to control inflation seems surreal to me.
its a supply and demand problem but what they want to do is decrease demand, not increase supply Yep. Chris Markowski said on his show a few weekends ago something to the effect of: It takes a special kind of imbecile to look at an inflationary economy that wasn’t caused in the least by low interest rates and try to reverse said inflation with high interest rates.
Government is like a baby: An alimentary canal with a big appetite at one end and no sense of responsibility at the other. - Ronald Reagan
For why should my freedom be judged by another man's conscience? - 1 Corinthians 10:29
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Joined: Mar 2006
Posts: 20,884
Campfire Ranger
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Campfire Ranger
Joined: Mar 2006
Posts: 20,884 |
The idiots are trying to reduce us to a subservient destruction of the middle class.
"I never thought I'd live to see the day that a U.S. president would raise an army to invade his own country." Robert E. Lee
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