Quote:
Originally Posted by JMintzer
Yes, but 7% vs under 3% is keeping many from entering the housing market...
My middle daughter and son in law are currently house hunting. They make a very good income. They are having a hell of a time finding an affordable home. The interest rate difference prices them out of almost everything in the area. With the higher rates, It'll cost close to 50% of their take home pay for the mortgage...
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Then they are looking out of their price range. One of my granddaughters and husband just bought their first home and got the keys for it on Saturday. They had no trouble getting a loan and finding a home, he is an engineer and she is a school psychologist both 27 years old, they looked at a price range that they could easily afford and had a choice of several homes that they liked. 3% will never come back so those needing mortgages should go after one before it goes even higher.