Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates

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Jul 12, 2012
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Caldwell Idaho
Why do some people waste hours of their free time fishing, when they can go to the supermarket and get fish in 10 minutes? Fishing is waste of money especially if you buy a $20,000 boat for it. At least when I'm crawling underneath vehicles to fix them, I'll be making money in the end and getting some satisfaction from the process as well.
$90,000.00 boat, I want to get to the fishing areas real fast !
 
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Jul 10, 2012
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South Carolina
We have a fourth grader, and at back to school night the teacher went over how the kids get to learn about earning, interest, paying taxes, etc., and at the end of the year they get to do an auction to buy some widgets with their “money” that they accumulated in the learning process across the year.

Of course one of the woke parents made a huge gripe about how they have so many things to say about capitalism and how they don’t approve of this at all. Even around here in PRNJ most of the other parents wondered how anyone could have such an outlook versus life skills. But this is pervasive. I’d suspect you have even more crazies out your way…

It just struck me as incredible. They’re trying to teach exactly as you mentioned in grade school, and now it’s viewed by some as bad… apparently it’s privilege to learn about financial literacy and paying taxes.

You’re spot on. Kids need to learn this… and the actual value of money. What it takes to earn it.
Im so passionate about the subject, its crazy you would think people would want their kids educated to the fullest extent possible, to make smart choices in life, instead of follow what you are told. (no politics) That is dangerous if you know what I am saying..
 
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Joined
Jul 12, 2012
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It takes a while for prices to fall. Even if they were falling now you wouldn't see it in the statistics until they close, which is a few months out. They were 3% at the first of the year. It bumped in summer but was down to 5% in most of August - and those are the houses closing now. Its over 6% as we speak. 8% by year end is not out of the question if the fed keeps raising rates.

400K Mortgage / 30 year at 3% = $1686/ month.

400K mortgage / 30 year at 6% = $2400/ month

For most people there is no longer any real interest rate tax deduction, so those are real numbers people will need to absorb / pay.
$2400.00 house payment
$2400.00 rent
 
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Jun 8, 2022
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"Before seasonal adjustment, the U.S. National Index posted a -0.3% month-over-month decrease in July, while the 10-City and 20-City Composites both posted decreases of -0.8%."


Of course one month a trend does not make.
 
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