Mortgage rates are at their highest level since the Great Recession...

[SWBTATTReg]

I didn't post the entire thing/article. Articles are coming out regarding the highest in a while Home Interest Rates.

My comment regarding this is perhaps, just perhaps those of us w/ CDs, etc., will at least perhaps get a better rate of interest on our CDs, our interest rates paid on our Savings, etc. Perhaps one good thing coming along w/ this news of higher interest rates for home ownership.

[multigraincracker]

1. Need to outlaw or tax the crap out

of big money buying up all of the single family home. NOW, they can now rent them back for triple a house note.

[Fiendish Thingy]

2. Should be even higher- traditionally, rates avg. 5-7%

Higher rates will bring downward pressure on prices, making homes more affordable for millennials and Gen-Z’s.

Higher rates will also reward savers, and cool inflation.

[Chainfire]

3. My second house, bought around 1980 was financed at 11 1/2%.

[Scrivener7]

4. They've been crazy low for too long.

[snowybirdie]

5. o they are not

Look it up. We had a 6%+mortgage in 1967,plus another percent or so of mortgage insurance. At that time mortgage rates were high. Some as high as 8 or 9 %.

[progree]

6. The Great Recession was 2007-2009

Title of the OP

Mortgage rates are at their highest level since the Great Recession.

[progree]

7. Median house price was 3x median income in the 80s, it's close to 7x now

https://www.democraticunderground.com/100216658196#post8

The mortgage payment is essentially the interest rate X the house price (yes I know its a bit more than that to pay down the principal over 30 years or whatever the term is, and yes I know the formula). Am tired of boomers bragging about how super-high mortgage rates were in the 80's and how horribly tough their lives were, and how the Gen-Z and millenials have it so easy and blah blah blah blah blah. They leave out the house price part of it.

I am a boomer and bought my house in June 1980, so I know what high mortgage rates are. Yes, it was hard, but not impossible -- house prices were about 1/5 of what they are now.

As for higher mortgage rates -- they don't help anyone except the bank. They slow down the price increase (so far), maybe lower prices in some areas, but when you multiply the mortgage rate by the house price, the mortgage payment is a higher number than before. Tell me the mortgage payment is coming down and I will start cheering. Ecstatically.