Quote:
Originally Posted by GregWeld
I totally disagree with the "hypothetical" discussion of houses going DOWN when rates rise. The historic "norm" proves that to be incorrect assumption. They won't go rising to the stratosphere like they did with the artificially low rates we have now... and most like what you'll see (which I've seen in my own personal history) is that as the rates go higher --- you'll just adjust your dream house DOWN the scale -- so your monthly will be higher for a less desirable home.
What the low rates have allowed folks to do is to buy way more house than they would have "ordinarily" been able to afford on a monthly basis.
Rates creep up slowly -- and people just make the adjustment.
Now -- if rates SUDDENLY went sky high in a 6 month or 1 year period that would be a different story - but that isn't the norm and if it did rock this way - the WORLD will be in a depression so nobody will be buying anything!  |
My Wife just said what you said....
Damn....