Mortgage rates are still too high

[glitch]

For anyone looking to buy a home in the US, you may have noticed that mortgage rates are still too high. They are still above 6% for excellent credit meaning most people will be paying 8%+ which is too high. I also noticed house prices are not going down either yet are somehow selling. It seems as if banks are buying up these homes. I don't know what is going on.

Are mortgage rates still very high where you live?

 

[HayKay]

Sadly in my country as disgraceful as this may sound, mortgage is almost non existent and it's very bad. One doesn't know how to get it or even go about it, which makes it so difficult to comprehend where the monies invested on the sector is going to.

 

[glitch]

Sadly in my country as disgraceful as this may sound, mortgage is almost non existent and it's very bad. One doesn't know how to get it or even go about it, which makes it so difficult to comprehend where the monies invested on the sector is going to.

I know not all places function the same as the US and it is harder, way harder, to just buy property in other areas. I think out of the common ones to the US (UK, Australia, and Canada), the US still has it better than those. A $200,000 house, for example, would be well over $1,000,000 in the UK or Australia. In Canada, the mortgage interest rates do not lock in when you sign, so if you buy a house with 2% interest and the economy struggles and it shoots up to 8%, you are stuck paying it.

 

[eenya00]

You should be relief that you even have the ability to apply for mortgage, not here in my country where the average man can not apply for mortgage to solve his or her housing challenges.

 

[Good-Person]

You should be relief that you even have the ability to apply for mortgage, not here in my country where the average man can not apply for mortgage to solve his or her housing challenges.

I think that rise in interest rates have something to do with this. Since the interest rates have increased, people have a really harder time applying for loans related to houses.

 

[eenya00]

I think that rise in interest rates have something to do with this. Since the interest rates have increased, people have a really harder time applying for loans related to houses.

But giving out house loans should not be much of a problem in a country that works because if someone is to default on such loans, what you simply need to do is to take back the house

 

[Shigobad2020]

The level of mortgage rate will always be high because of the economic situation of each country , and the price of goods and services are also sky rocketing daily , son it normal for mortgage rate to increase .

 

[JanessaHood]

Because of the war in Europe, inflation is rising all over the world. Raising interest rates is the easiest but surest way to reduce inflation. The government purposely restricts the circulation of money so that money becomes less available.

 

[Good-Person]

Because of the war in Europe, inflation is rising all over the world. Raising interest rates is the easiest but surest way to reduce inflation. The government purposely restricts the circulation of money so that money becomes less available.

I think that inflation is one of the major reason why mortgage rates are increasing so much. I think that inflation is playing a really huge role and it is not only having an effect on mortgages, but other things as well.

 

[eenya00]

I think that inflation is one of the major reason why mortgage rates are increasing so much. I think that inflation is playing a really huge role and it is not only having an effect on mortgages, but other things as well.

inflation rate is definitely the reason, as in my country the prices of building materials have doubled the price they where a few years ago and has significantly increase the cost of building

 

[Grant]

They are kinda high where I live, but it's partly due to inflation and the way the economy has gone in the US. I expect things to clear up a bit soon, but it could take a little while to get back to normalcy.

 

[eenya00]

They are kinda high where I live, but it's partly due to inflation and the way the economy has gone in the US. I expect things to clear up a bit soon, but it could take a little while to get back to normalcy.

atleast you have hope that in your country in a bit inflation could reduce, but this is not the case in my country as we have been plagued with bad and insensitive leaders and i do not see inflation stopping anytime soon.

 

[Nomad]

In my home country, the average interest rate for mortgages is around 10 percent which is still lower than auto loan or business loan. However, the main problem is banks are notorious for increating base interest rates frequently.