[With the report now out, rates could come up even more.] Most lenders will increase rates by a quarter to three-eighths of a percent today,.. Remember, rates move up of a lot faster than they come down.
Anthony Hsieh
I have seen debt ratios as high as 70 percent or 80 percent. But somehow these people have found a way to pay their housing debt and keep their credit score high.
people found debt credit
The lending industry is doing what it can to get a piece of the shrinking pie. You're going to see more aggressive offers in the coming year.
industry
We did a million-dollar loan for one gentleman who got four round trip tickets on that loan.
[Few people will argue that consumers haven't benefited from these changes.] Keep in mind that 20 years ago you couldn't buy a house unless you had a 20 percent down payment,.. You had three choices of loans, adjustable, 15-year or 30-year.
people mind choices house
We've seen a dramatic pickup in these loans since rates starting going up
starting
People who calculated what they could afford when rates were 5.25 percent have realized their mortgage payments are going to be a lot higher now that rates have gone up, so they're going for interest-only loans.
people
Clearly these loans aren't for everyone. Unless you've been disciplined about saving the difference you're setting yourself up for sticker shock at the end of five years.
difference end shock saving
From a fixed-income point of view, which I'm looking at, it's a little bit disappointing. We have seen the bottom on longer-term rates; everybody is assuming this may be the end of this party.
end party view
There seems to be a sense of urgency, especially among first-time buyers. We're seeing people in their 20s and 30s who have the 'I need to buy a home now' attitude.
people home sense attitude
today remember
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