Mortgage rates have returned to an average range. Still lower than they were in the 90s.
Your payment isn’t doubled because of rates, it’s because of high demand areas.
Thats untrue, it isnt because of the demand (News flash there is always demand for housing) it is because of the increase in the intrest rate of the loan. Monetary policy trying to reign in inflation that isn’t actually inflation, but corporations taking profits at exorbitant levels while the average citizens can barely make ends meet.
Man, I’m a loan officer at a bank. I know a lot more about this than what you do. Interest rate increases are squeezing all levels to decrease spending across the board. Banks are beginning to cut back lending to businesses.
And demand for housing ebbs and flows. Things skyrocketed during Covid because of a lack of supply. There’s actually been decreases in pricing at this point.
You must be a few crayons short of a full box, you just admitted prices are decreasing, yet folks who buy a house today will effectively pay almost double on their monthly mortgage rate because of the increasing interest rates, which have nothing to do with housing demand and everything to do with fighting inflation, which was caused by keeping the rates at effectively zero to prop up Obama’s bull economy that 45 ran into the ground.
